121Date of acquisition or disposalU.K.
(1)A person who acquires a chargeable interest in or over land that consists of or includes a dwelling is treated for the purposes of this Part as acquiring the interest on the effective date of the acquisition (and therefore as entitled to the interest with effect from that date: see section 171).
(2)A person who disposes of a chargeable interest in or over land that consists of or includes a dwelling is treated for the purposes of this Part as ceasing to be entitled to the interest on the effective date of the disposal (and therefore as not being entitled to the interest on that day: see section 171).
(3)If a person's acquisition and disposal of a chargeable interest are completed on the same day, then for the purposes of this Part—
(a)the person's acquisition of the interest is ignored if it precedes the disposal;
(b)the person's disposal of the interest is ignored if it precedes the acquisition.
(4)The effective date of an acquisition of a chargeable interest is—
(a)the date on which the acquisition is completed, or
(b)any alternative date the Commissioners for Her Majesty's Revenue and Customs may prescribe by regulations.
(5)The effective date of a disposal of a chargeable interest is—
(a)the date on which the disposal is completed, or
(b)any alternative date the Commissioners for Her Majesty's Revenue and Customs may specify by regulations.