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[F19.(1)This paragraph applies if—E+W
(a)a land transaction is treated as effected under section 10(4) as a result of a contract being substantially performed without having been completed,
(b)that transaction is relieved from tax under paragraph 6 or 7, and
(c)the contract mentioned in paragraph (a) is subsequently completed by a transfer after the end of the relief period.
(2)Section 10(5)(b) does not apply in relation to the transaction mentioned in sub-paragraph (1)(c) if the sole reason that it would have applied (but for this paragraph) is that the transaction occurred after the end of the relief period.
(3)In this paragraph, “completed”, “contract” and “transfer” are to be interpreted in accordance with section 10(10).]
Textual Amendments