Modifications etc. (not altering text)
C1Pt. 3 applied (17.7.2014) by Finance Act 2014 (c. 26), s. 223(8)(9)(e)
(1)Subsection (2) applies where—
(a)a contract is entered into for the acquisition of a chargeable interest in or over land that consists of or includes a building, or part of a building, that is to be constructed or adapted for use as a single dwelling,
(b)substantial performance is treated as constituting the acquisition of the chargeable interest (under section 122), and
(c)construction or adaptation of the building, or the part of a building, has not begun by the time the contract is substantially performed.
(2)The chargeable interest deemed to be acquired as mentioned in subsection (1)(b) is taken to be in or over land that consists of or (as appropriate) includes a dwelling.
(3)If at any time after the substantial performance of the contract the obligation under the contract to carry out the construction or adaptation ceases to have effect without the construction or adaptation having been begun, subsection (2) ceases to apply at that time.
(4)A building or part of a building used for a purpose specified in section 116(2) or (3) of FA 2003 is not used as a dwelling for the purposes of subsection (1).
(5)In this section—
“contract” includes any agreement (including, in the case of Scotland, missives of let not constituting a lease);
“substantially performed” has the same meaning as in section 44 of FA 2003.