Section 120 Acquisitions and disposals of chargeable interests

(1)

References in this Part to the acquisition of a chargeable interest include any acquisition however effected (including an acquisition effected by the act of parties to a transaction, by order of a court or other authority, by or under any statutory provision or by operation of law).

(2)

The surrender or release of a chargeable interest is—

(a)

an acquisition of that interest by any person whose interest or right is benefited or enlarged by the transaction, and

(b)

a disposal by the person ceasing to be entitled to that interest.

(3)

The variation of a chargeable interest is—

(a)

an acquisition of a chargeable interest by the person benefiting from the variation, and

(b)

a disposal of a chargeable interest by the person whose interest is subject to or limited by the variation.

Notes on Part 3

Modifications

C1: Pt. 3 applied (17.7.2014) by Finance Act 2014 (c. 26), s. 223(8)(9)(e)
C2: Pt. 3 modified (temp.) (11.7.2023) by Finance (No. 2) Act 2023 (c. 30), Sch. 24 para. 2