(1)If the contract is substantially performed without having been completed, the contract is treated as if it were itself the transaction provided for in the contract.
(2)In this case the effective date of the transaction is when the contract is substantially performed.
(3)Where subsection (1) applies and the contract is subsequently completed by a conveyance—
(a)both the contract and the transaction effected on completion are notifiable transactions, and
(b)tax is chargeable on the latter transaction to the extent (if any) that the amount of tax chargeable on it is greater than the amount of tax chargeable on the contract.
(4)Where subsection (1) applies and the contract is (to any extent) afterwards rescinded or annulled, or is for any other reason not carried into effect, the tax paid by virtue of that subsection is to be (to that extent) repaid by the Tax Authority.
(5)That repayment must be claimed by amendment of the land transaction return made in respect of the contract.
(6)Where paragraph 25 of schedule 19 (leases) applies, it applies in place of this section.