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Finance Act 2003
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- UK Public General Acts
- 2003 c. 14
- SCHEDULE 2A
- Pre-completion transactions
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Changes over time for: Cross Heading: Pre-completion transactions
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- 17/07/2013- Amendment
- 17/12/2020
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Finance Act 2003, Cross Heading: Pre-completion transactions is up to date with all changes known to be in force on or before 14 November 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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[F1Pre-completion transactionsU.K.
Textual Amendments
F1Sch. 2A inserted (with effect in accordance with Sch. 39 para. 11 of the amending Act) by Finance Act 2013 (c. 29), Sch. 39 para. 3
1(1)This Schedule applies where—U.K.
(a)a person (“the original purchaser”) enters into a contract (“the original contract”) for the acquisition by that person of a chargeable interest under which the acquisition is to be completed by a conveyance, and
(b)there is a pre-completion transaction.
(2)A transaction is a “pre-completion transaction” for the purposes of sub-paragraph (1) if—
(a)as a result of the transaction a person other than the original purchaser (“the transferee”) becomes entitled to call for a conveyance to that person of the whole or part of the subject-matter of the original contract, and
(b)immediately before the transaction took place a person was entitled under the original contract to call for a conveyance of the whole or part of that subject-matter.
(3)A transaction that effects a person's acquisition of the whole or part of the subject-matter of the original contract is not a pre-completion transaction.
(4)The grant or assignment of an option is not a pre-completion transaction.
(5)The fact that a transaction has the effect of discharging the original contract does not prevent that transaction from being a pre-completion transaction.
(6)The reference in sub-paragraph (1)(a) to a contract does not include a contract that is an assignment of rights in relation to another contract.
(7)In this Schedule references to “part of the subject-matter of the original contract”—
(a)are to a chargeable interest that is the same as the chargeable interest referred to in sub-paragraph (1)(a) except that it relates to part only of the land concerned, and
(b)also include, so far as is appropriate, interests or rights appurtenant or pertaining to the chargeable interest.
(8)This Schedule does not apply where paragraph 12B of Schedule 17A (assignment of agreement for lease) applies.]
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