Finance Act 1974

4 Where an owner of an interest in land to which the principal section applies had before 18th December 1973 arranged (without entering into a binding contract) to dispose of that interest to another person and—

(a) the arrangement was made in writing, or is evidenced by a memorandum or note thereof so made before that date ; and

(b) he disposes of the interest to that other person under a contract entered into before 18th December 1974 of which the terms do not differ materially from the terms of the arrangement or, if they so differ, are not more beneficial to the said owner,

the contract—

(i) if not conditional, shall be treated for the purposes of subsection (1) of the principal section as if made before 18th December 1973 ; or

(ii) if conditional, shall be treated for the purposes of the preceding paragraph as if entered into before that date.