Assignment of agreement for lease
21(1)This paragraph applies where a person (“P”) assigns P’s interest as tenant under an agreement for lease.
(2)Where this paragraph applies Schedule 2 (transactions entered into before completion of contract) does not apply.
(3)If the assignment occurs without the agreement having been substantially performed, section 10 (contract and transfer) has effect as if—
(a)the agreement were with the assignee (“A”) and not P, and
(b)the consideration given by A for entering into the agreement included any consideration given by A for the assignment.
(4)If the assignment occurs after the agreement has been substantially performed—
(a)the assignment is a separate land transaction, and
(b)the effective date of that transaction is the date of the assignment.
(5)Where there are successive assignments, this paragraph has effect in relation to each one of them.