SCHEDULES
SCHEDULE 16Property authorised investment funds and co-ownership authorised contractual schemes
PART 4Commencement
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).