Finance Act 2012

This section has no associated Explanatory Notes

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.U.K.

(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.