References in this Part to a disposal include a part disposal; but for the purposes of this Part a disposal of an interest in a dwelling is a disposal of a relevant interest in the dwelling only if on the disposal the person to whom it is made acquires a relevant interest in the dwelling.

Subject to subsection (3), where any interest in land is disposed of, the time at which the disposal is made is, for the purposes of this Part, the time the missives are concluded (and not, if different, the date of entry specified in the missives).

If the missives contain a condition precedent (and in particular if they contain a condition relating to the exercise of an option) the time at which the disposal is made for those purposes is the time when the condition precedent is satisfied.

References in this Part to a disposal of an interest for value are to a disposal for money or money’s worth, whether or not representing full value for the interest disposed of.

In relation to a person holding an interest in a dwelling formed by the conversion of another dwelling, references in this Part to a previous disposal of an interest in the dwelling include a previous disposal on which an interest in land which included that part of the original dwelling in which his interest subsists was acquired.