This is the original version (as it was originally enacted).
(1)Each of the following is an acquisition and a disposal of a chargeable interest—
(a)the creation of the interest,
(b)the renunciation or release of the interest,
(c)the variation of the interest (but not the variation of a lease).
(2)The variation of a lease is treated as an acquisition and a disposal of a chargeable interest only where paragraph 29 of schedule 19 (reduction of rent or term or other variation of lease) applies.
(3)A person acquires a chargeable interest where—
(a)the person becomes entitled to the interest on its creation,
(b)the person’s interest or right is benefitted or enlarged by the renunciation or release of the interest, or
(c)the person benefits from the variation of the interest.
(4)A person disposes of a chargeable interest where—
(a)the person’s interest or right becomes subject to the interest on its creation,
(b)the person ceases to be entitled to the interest on its being renounced or released, or
(c)the person’s interest or right is subject to or limited by the variation of the interest.
(5)Except as otherwise provided, this Act applies however the acquisition is effected, whether by act of the parties, by order of a court or other authority, by or under any enactment or by operation of law.
(1)The buyer, in relation to a land transaction, is the person who acquires the subject-matter of the transaction.
(2)But a person is treated as the buyer only where that person has given consideration for, or is a party to, the transaction.
(3)The seller, in relation to a land transaction, is the person who disposes of the subject-matter of the transaction.
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