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SCHEDULE 2E+WPRE-COMPLETION TRANSACTIONS

PART 5 E+WRELIEFS

Relief for transferor: assignment of rightsE+W

18(1)This paragraph applies where—E+W

(a)a person would, in the absence of this paragraph, be liable to pay tax in respect of a notional land transaction deemed to take place under paragraph 8(1) or an additional notional land transaction deemed to take place under paragraph 8(3), and

(b)the original contract had not been substantially performed when the assignment of rights mentioned in paragraph 7(1) was entered into.

(2)If the buyer in respect of the notional land transaction, or additional notional land transaction, claims relief under this paragraph, the buyer is relieved from tax in respect of that transaction.

(3)But no relief is available under this paragraph if the land transaction mentioned in paragraph 7(4) is relieved from tax by virtue of Schedule 10 (alternative property finance reliefs).

Annotations:

Commencement Information

I1Sch. 2 para. 18 in force at 1.4.2018 by S.I. 2018/34, art. 3