Finance Act 2016

15 (1) The amendments made by Parts 2 and 3 of this Schedule have effect in relation to any land transaction of which the effective date is, or is after, the date on which this Act is passed.

(2) But those amendments do not have effect in relation to a transaction if—

(a) the transaction is effected in pursuance of a contract entered into and substantially performed before the date on which this Act is passed, or

(b) the transaction is effected in pursuance of a contract entered into before that date and is not excluded by sub-paragraph (3).

(3) A transaction effected in pursuance of a contract entered into before the date on which this Act is passed is excluded by this sub-paragraph if—

(a) there is any variation of the contract, or assignment of rights under the contract, on or after that date,

(b) the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar right, or

(c) on or after that date there is an assignment, subsale or other transaction relating to the whole or part of the subject-matter of the contract as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance.

(4) In this paragraph—

• “purchaser” has the same meaning as in Part 4 of FA 2003 (see section 43(4) of that Act);

• “substantially performed”, in relation to a contract, has the same meaning as in that Part (see section 44(5) of that Act).