Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (anaw1)

Valid from 18/10/2017

Valid from 01/04/2018

SCHEDULE 2 E+W PRE-COMPLETION TRANSACTIONS

PART 1 E+W INTRODUCTION AND KEY CONCEPTS

Meaning of ““pre-completion transaction”” E+W

3 (1) A transaction is a pre-completion transaction if— E+W

(a) as a result of the transaction a person other than the original buyer (“"the transferee””) becomes entitled to call for a transfer to the transferee of the whole or part of the subject-matter of the original contract, and

(b) immediately before the transaction took place a person (other than the transferee but not necessarily the original buyer) was entitled under the original contract to call for a transfer of the whole or that part of that subject-matter.

(2) A transaction that gives effect to a person's acquisition of the whole or part of the subject-matter of the original contract is not a pre-completion transaction.

(3) The grant or assignment of an option is not a pre-completion transaction.

(4) The fact that a transaction has the effect of discharging the original contract does not prevent that transaction from being a pre-completion transaction.