Paragraph 4 Introduction
(1)
This Part of this Schedule has effect for affording relief where ad valorem duty is chargeable both—
(a)
under section 115 on a contract or agreement (“the original sale”), and
(b)
on a subsequent conveyance or transfer by the original seller to the purchaser, or a sub-purchaser, in conformity with that contract or agreement.
(2)
References in this Part to the purchaser under the original sale, or a sub-purchaser under a subsale, include a person by whom the rights of the purchaser, or a sub-purchaser, are exercisable by virtue of any assignment (in Scotland, assignation) or agreement (other than a subsale).