194 Pre-completion transactions: existing cases
Finance Act 2013 (2013 c 29) | Legislation

Stamp duty land tax

194  Pre-completion transactions: existing cases

(1)     Section 45 of FA 2003 (contract and conveyance: effect of transfer of rights)—

(a)     has effect subject to the amendment in subsection (2) below in relation to agreements for the grant or assignment of an option that are entered into during the period beginning with 21 March 2012 and ending immediately before the day on which this Act is passed, and

(b)     has effect subject to the amendments in subsections (3) to (7) below in relation to transfers of rights (see subsection (1) of that section) entered into during that period.

(2)     At the end of subsection (1A) insert “or an agreement for the future grant or assignment of an option”.

(3)     In subsection (3), in the second sentence, after “except” insert “in a case excluded by subsection (3A) or”.

(4)     After subsection (3) insert—

“(3A)     A case is excluded by this subsection from the second sentence of subsection (3) if—

(a)     the secondary contract is substantially performed at the same time as, and in connection with, the substantial performance or completion of the original contract but is not completed

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