F1SCHEDULE 10ASub-sale development relief

PART 2The relief

Qualifying sub-sale

3.

A sub-sale is a qualifying sub-sale if—

(a)

it is a sub-sale under which—

(i)

the first buyer contracts to sell the whole or part of the subject-matter of the first contract to another person (the “second buyer”), and

(ii)

the second buyer becomes entitled to call for a conveyance to that person of the whole or part of the subject-matter of the first contract, and

(b)

immediately before the first buyer entered into the sub-sale, the first buyer was entitled under the first contract to call for a conveyance of the whole or part of that subject-matter.