(1)In this Part a “land transaction” means any acquisition of a chargeable interest.
As to the meaning of “chargeable interest” see section 48.
(2)Except as otherwise provided, this Part applies however the acquisition is effected, whether by act of the parties, by order of a court or other authority, by or under any statutory provision or by operation of law.
(3)For the purposes of this Part—
(a)the creation of a chargeable interest is—
(i)an acquisition by the person becoming entitled to the interest created, and
(ii)a disposal by the person whose interest or right is subject to the interest created;
(b)the surrender or release of a chargeable interest is—
(i)an acquisition of that interest by any person whose interest or right is benefitted or enlarged by the transaction, and
(ii)a disposal by the person ceasing to be entitled to that interest; and
(c)the variation of a chargeable interest is—
(i)an acquisition of a chargeable interest by the person benefitting from the variation, and
(ii)a disposal of a chargeable interest by the person whose interest is subject to or limited by the variation.
(4)References in this Part to the “purchaser” and “vendor”, in relation to a land transaction, are to the person acquiring and the person disposing of the subject-matter of the transaction.
These expressions apply even if there is no consideration given for the transaction.
(5)A person is not treated as a purchaser unless he has given consideration for, or is a party to, the transaction.
(6)References in this Part to the subject-matter of a land transaction are to the chargeable interest acquired (the “main subject-matter”), together with any interest or right appurtenant or pertaining to it that is acquired with it.