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Finance Act 2018

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16(1)The amendments made by this Schedule (other than those made by paragraphs 13 and 14(2), (3), (4)(a) and (5)(a)) have effect in relation to any land transaction of which the effective date is, or is after, 22 November 2017.E+W+S+N.I.

(2)But the amendments made by paragraph 2 do not have effect in relation to a transaction—

(a)effected in pursuance of a contract entered into and substantially performed before 22 November 2017, or

(b)effected in pursuance of a contract entered into before that date and not excluded by sub-paragraph (3).

(3)A transaction effected in pursuance of a contract entered into before 22 November 2017 is excluded by this sub-paragraph if—

(a)there is any variation of the contract, or assignment of rights under the contract, on or after 22 November 2017,

(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, 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)The amendments made by paragraphs 13 and 14(2), (3), (4)(a) and (5)(a) have effect in relation to any land transaction in relation to which the amendment made by section 16(2) of the Wales Act 2014 (disapplication of UK stamp duty land tax) has effect.

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