SCHEDULES
F1SCHEDULE 2ATransactions entered into before completion of contract
Pre-completion transactions
1
1
This Schedule applies where—
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.
Sch. 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