Part 2 Subsequent Conveyance or Transfer
Finance Act 2002 (2002 c 23) | Legislation

Part 2 Subsequent Conveyance or Transfer

Introduction

4

(1)     This Part of this Schedule has effect for affording relief where ad valorem duty is chargeable both—

(a)     under section 115 on a contract or agreement (“the original saleâ€), and

(b)     on a subsequent conveyance or transfer by the original seller to the purchaser, or a sub-purchaser, in conformity with that contract or agreement.

(2)     References in this Part to the purchaser under the original sale, or a sub-purchaser under a subsale, include a person by whom the rights of the purchaser, or a sub-purchaser, are exercisable by virtue of any assignment (in Scotland, assignation) or agreement (other that a subsale).

Conveyance or transfer of property contracted to be sold

5

(1)     Where the original seller conveys the whole of the property contracted to be sold—

(a)     to the purchaser, or

(b)     to a sub-purchaser in circumstances in which section 58(4) of the

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