Introduction Details of the Sections Section 121 – Date of acquisition or disposal
137.Subsection (1) says a person is treated as beginning to be entitled to an interest in land on the effective date of acquisition.
138.Subsection (2) provides that a person is treated as ceasing to be entitled to an interest in land on the effective date of the disposal.
139.Subsection (3) if the acquisition and disposal however are completed on the same day, then the acquisition is ignored in it precedes the disposal and the disposal is ignored if it precedes the acquisition.
140.Subsections (4) and (5) define the effective date of an acquisition and disposal as the completion date, but allow alternative dates to be provided by regulations.