SCHEDULES
SCHEDULE 16SDLT: increased rates for non-resident transactions
Commencement
6
1
The amendments made by this Schedule have effect in relation to any land transaction of which the effective date is, or is after, the commencement date.
2
But those amendments do not have effect in relation to—
a
a transaction effected in pursuance of a contract entered into and substantially performed before the commencement date, or
b
a transaction that—
i
is entered into pursuant to a contract entered into before 11 March 2020, and
ii
is not excluded for the purposes of this paragraph.
3
A transaction is excluded for the purposes of paragraph (b) of sub-paragraph (2) if—
a
there is any variation of the contract, or assignment of rights under the contract, on or after 11 March 2020,
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 “the commencement date” means 1 April 2021.