44 Contract and conveyance
Finance Act 2003 (2003 c 14) | Legislation

44  Contract and conveyance

(1)     This section applies where a contract for a land transaction is entered into under which the transaction is to be completed by a conveyance.

(2)     A person is not regarded as entering into a land transaction by reason of entering into the contract, but the following provisions have effect.

(3)     If the transaction is completed without previously having been substantially performed, the contract and the transaction effected on completion are treated as parts of a single land transaction.

In this case the effective date of the transaction is the date of completion.

(4)     If the contract is substantially performed without having been completed, the contract is treated as if it were itself the transaction

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