Introduction Assignments of rights: identity of “the vendor”
28.Schedule 2A Paragraph 8 sets out the provisions regarding the identity of the vendor where there is an assignment of rights (see paragraph 2(1)) and: (i) the subject matter of the original contract is conveyed to the transferee; or (ii) there is substantial performance of the original contract.
29.Sub-paragraph (3) provides the general rule that references to the vendor where there is an assignment of rights will be read as the vendor under the original contract.
30.Sub-paragraph (4) provides that references to the vendor where the original contract was substantially performed before the transferee was entitled to call for a conveyance should be read as the purchaser under the original contract when that contract was substantially performed.
31.Sub-paragraph (5) sets out that in certain specified provisions references to the vendor will be read as including: (i) the vendor under the original contract; and (ii) the transferor under any relevant assignment of rights (see sub-paragraph (9)).
32.Sub-paragraph (6) provides the list of the specified provisions where sub-paragraph (5) applies.
33.Sub-paragraph (7) provides the definition of “relevant land transactions” for the purposes of paragraph 8. These are land transactions that are effected by a conveyance to the transferee or substantially performed by that transferee or a notional land transaction within paragraph 5(1)(b) or any additional land transaction within paragraph 5(2).
34.Sub-paragraph (8) provides that for the purposes of ascertaining whether or not the linked transactions rules in section 108(1) FA 2003 apply, references to the vendor will be read as the vendor under the original contract or the transferor under any relevant assignment of rights.
35.Sub-paragraph (9) provides a definition of “relevant assignments of rights” for the purposes of paragraph 8.