# Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, Paragraph 3


(1) A transaction is a pre-completion transaction if—
(a) as a result of the transaction a person other than the original buyer (“"the transferee””) becomes entitled to call for a transfer to the transferee of the whole or part of the subject-matter of the original contract, and
(b) immediately before the transaction took place a person (other than the transferee but not necessarily the original buyer) was entitled under the original contract to call for a transfer of the whole or that part of that subject-matter.
(2) A transaction that gives effect to a person's acquisition of the whole or part of the subject-matter of the original contract is not a pre-completion transaction.
(3) The grant or assignment of an option is not a pre-completion transaction.
(4) The fact that a transaction has the effect of discharging the original contract does not prevent that transaction from being a pre-completion transaction.

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Source: https://www.legislation.gov.uk/anaw/2017/1/schedule/2/paragraph/3 (the official version)
Page: https://openlegislation.uk/land-transaction-tax-and-anti-avoidance-of-devolved-taxes-wales-act-2017/schedule-2/paragraph-3
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.