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.