Introduction Meaning of “pre-completion transactions” and associated terms
4.Schedule 2A Paragraph 1 sets out that Schedule 2A applies where: (i) there is an acquisition of a chargeable interest that is to be completed by a conveyance; and (ii) there is a pre-completion transaction (see paragraph 1(2)).
5.Sub-paragraphs (2) – (8) provide the meaning of a “pre-completion transaction” and related terms such as “the original purchaser”, “the original contract”, “part of the subject matter of the original contract” and “the transferee”. It also sets out certain transactions that are not pre-completion transactions and where Schedule 2A does not apply.
6.Sub-paragraph (5) allows a novation or any other transaction that discharges the original contract to be a pre-completion transaction for the purposes of Schedule 2A.
7.Sub-paragraph (6) provides that where there is a pre-completion transaction that is an assignment of rights (see paragraph 2(1)) that cannot be an “original contract” as set out in paragraph 1(1)(a)).