[SCHEDULE 2A Transactions Entered into Before Completion of Contract]
Finance Act 2003 (2003 c 14) | Legislation

[SCHEDULE 2A Transactions Entered into Before Completion of Contract]

[Pre-completion transactions

1

(1)     This Schedule applies where—

(a)     a person (“the original purchaserâ€) enters into a contract (“the original contractâ€) for the acquisition by that person of a chargeable interest under which the acquisition is to be completed by a conveyance, and

(b)     there is a pre-completion transaction.

(2)     A transaction is a “pre-completion transaction†for the purposes of sub-paragraph (1) if—

(a)     as a result of the transaction a person other than the original purchaser (“the transfereeâ€) becomes entitled to call for a conveyance to that person of the whole or part of the subject-matter of the original contract, and

(b)     immediately before the transaction took place a person was entitled under the original contract to call for a conveyance of the whole or part of that subject-matter.

(3)     A transaction that effects a person's acquisition of the whole or part of the subject-matter of the original contract is not a pre-completion transaction.

(4)     The grant or assignment of an option is not a pre-completion transaction.

(5)     The fact that a transaction has the effect of discharging the original contract does not prevent that transaction from being a pre-completion

Powered by Lexis+®
 

Popular documents

LEXISNEXIS

Codicils

CodicilsCodicils may be used for making any alteration in a Will such as to alter the executors or make changes in legacies, whether by addition or deletion but that is by no means their only use. As a general rule, substantial changes are best achieved by means of a new Will and codicils are more

LEXISNEXIS

Scotland: the Accountant in Bankruptcy

Scotland: the Accountant in BankruptcyThe office of the Accountant in Bankruptcy (AiB) was created by section 156 of the Bankruptcy (Scotland) Act 1856 . Previously, the functions of the AiB were limited but since 1993, with the enactment of the Bankruptcy (Scotland) Act 1993 (B(S)A 1993), the role

LEXISNEXIS

How is the National Employment Savings Trust (NEST) different from a typical occupational pension scheme?

How is the National Employment Savings Trust (NEST) different from a typical occupational pension scheme?In this Practice Note, references to the National Employment Savings Trust (NEST) Order are to the National Employment Savings Trust Order 2010, SI 2010/917 (NEST Order) applicable from 25 May

LEXISNEXIS

CPR Part 8 claims (alternative procedure for claims)

CPR Part 8 claims (alternative procedure for claims)This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further