Introduction Details of the Sections Section 122 – Contract and conveyance: the purchaser
141.Subsection (1) applies this section where a person enters a contract to acquire a relevant chargeable interest and the acquisition is completed by a conveyance.
142.Subsection (2) provides that a person is not seen as having acquired a chargeable interest by reason of entering into the contract.
143.Subsection (3) where a contract is not completed but is substantially performed, this Part has effect as if the substantial performance was completion of the acquisition which the contract intended to achieve.
144.Subsection (4) provides that where subsection (3) applies and the contract is then completed through a conveyance, the completion (for the purposes of section 102) it is not deemed to have given effect to acquiring the chargeable interest.
145.Subsection (5) sets out the position where subsection (3) applies and the contract is subsequently rescinded or annulled before the contract is fully carried out, then this Part is effective as if P had disposed of the chargeable interest as per subsection (1)(a).
146.Subsection (6) defines “the relevant time” for the purposes of subsection (5).
147.Subsection (7) in a situation where subsection (3) applies and the contract is then varied or partially rescinded, resulting in a chargeable interest being acquired under contract which differs from that to which the contract originally related, this Part operates as if the contract variation had resulted in purchaser P’s disposal of the interest referred to in subsection (1)(a) and the substantial performance of the varied contract.
148.Subsection (8) applies subsection (7) if the parties proceed as if they had varied the contract without actually doing so.
149.Subsection (9) provides further definitions for this section.