Part 12

Supplementary provisions
Chapter 6

Final provisions

General interpretation

References to sale of property and time of sale
572
1
In this Act references to the sale of property include—
a
the exchange of property, and
b
the surrender for valuable consideration of a leasehold interest (or, in Scotland, the interest of the tenant in property subject to a lease).
2
For the purposes of subsection (1), any provision of this Act referring to a sale has effect with the necessary modifications, including, in particular, those in subsection (3).
3
The modifications are that—
a
references to the net proceeds of sale and to the price include the consideration for the exchange or surrender, and
b
references to capital sums included in the net proceeds of sale or paid on a sale include so much of the consideration for the exchange or surrender as would have been a capital sum if it had been a money payment.
4
Any reference in this Act (except in Part 6) to the time of any sale is to be read as a reference to whichever is the earlier of—
a
the time of completion, and
b
the time when possession is given.