SCHEDULES
SCHEDULE 35Stamp duty land tax: higher rate for certain transactions
Application of amendments
10
1
Except as mentioned in sub-paragraph (2), the amendments made by this Schedule have effect in relation to any land transaction of which the effective date is on or after 21 March 2012.
2
Those amendments do not have effect in relation to any transaction that is—
a
effected in pursuance of a contract entered into and substantially performed before 21 March 2012,
b
effected in pursuance of a contract entered into before that date and not excluded by sub-paragraph (3), or
c
excepted by sub-paragraph (4).
3
A transaction effected in pursuance of a contract entered into before 21 March 2012 is excluded by this sub-paragraph if—
a
there is any variation of the contract, or assignment (or assignation) of rights under the contract, on or after 21 March 2012,
b
the transaction is effected in consequence of the exercise on or after that date of any option, right of pre-emption or similar right, or
c
on or after that date there is an assignment (or assignation), subsale or other transaction relating to the whole or part of the subject-matter of the contract as a result of which a person other than the purchaser under the contract becomes entitled to call for a conveyance.
4
A transaction treated as occurring under paragraph 17(2) or 17A(4) of Schedule 15 to FA 2003 (partnerships) is excepted by this sub-paragraph if the effective date of the land transfer referred to in sub-paragraph (1)(a) of the paragraph concerned is before 21 March 2012.