Section 119 Meaning of “effective date” of a transactionI1

United Kingdom

(1)

Except as otherwise provided, the effective date of a land transaction for the purposes of this Part is

(a)

F1the date of completion, or

(b)

such alternative date as the Commissioners for Her Majesty's Revenue and Customs may prescribe by regulations.

(2)

Other provision as to the effective date of certain descriptions of land transaction is made by—

section 44(4) (contract and conveyance: contract substantially performed without having been completed), F2...
F3section 44A(3) (contract providing for conveyance to third party),
section 45A(8) (contract providing for conveyance to third party: effect of transfer of rights),
section 46(3) (options and rights of pre-emption).
F4paragraph 5 of Schedule 2A,
F5paragraph 3(4) of Schedule 17A (leases that continue after a fixed term),
F6paragraph 12A(2) of Schedule 17A (agreement for lease followed by substantial performance),
paragraph 12B(3) of that Schedule (assignment of agreement for lease occurring after agreement substantially performed), and
F7...

Annotations

F1: Words in s. 119(1) substituted (20.7.2005) by Finance (No. 2) Act 2005 (c. 22), s. 47(3)
F2: Word in s. 119(2) repealed (with effect in accordance with Sch. 39 para. 13 of the amending Act) by Finance Act 2004 (c. 12), Sch. 42 Pt. 4(2)
F3: Words in s. 119(2) inserted (with effect in accordance with Sch. 39 para. 13 of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 8(a)
F4: Words in s. 119(2) inserted (with effect in accordance with Sch. 39 para. 11 of the amending Act) by Finance Act 2013 (c. 29), Sch. 39 para. 7
F5: Words in s. 119(2) inserted (with effect in accordance with Sch. 41 para. 8(2) of the amending Act) by Finance Act 2013 (c. 29), Sch. 41 para. 5
F6: Words in s. 119(2) inserted (with effect in accordance with Sch. 39 para. 13 of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 8(b)
F7: Words in s. 119(2) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 21 (with s. 29(5)(6)); S.I. 2015/637, art. 2

I1: Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)