# Finance Act 2003, Paragraph 12B

Extent: E+W+S+N.I.

(1) This paragraph applies, in place of Schedule 2A (transactions entered into before completion of contract), where ... a person assigns his interest as lessee under an agreement for a lease.
(2) If the assignment occurs without the agreement having been substantially performed, section 44 (contract and conveyance) has effect as if—
(a) the contract were with the assignee and not the assignor, and
(b) the consideration given by the assignee for entering into the contract included any consideration given by him for the assignment.
(3) If the assignment occurs after the agreement has been substantially performed—
(a) the assignment is a separate land transaction, and
(b) the effective date of that transaction is the date of the assignment.
(4) Where there are successive assignments, this paragraph has effect in relation to each of them.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/17A/paragraph/12B (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-17A/paragraph-12B
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.