Art. 43 — FA 2003: Land transactions

Land transactions 43 1 In this Part a “ land transaction ” means any acquisition of a chargeable interest. As to the meaning of “chargeable interest” see section 48. 2 Except as otherwise provided, this Part applies however the acquisition is effected, whether by act of the parties, by order of a court or other authority, by or under any statutory provision or by operation of law. 3 For the purposes of this Part— a the creation of a chargeable interest is— i an acquisition by the person becoming entitled to the interest created, and ii a disposal by the person whose interest or right is subject to the interest created; b the surrender or release of a chargeable interest is— i an acquisition of that interest by any person whose interest or right is benefitted or enlarged by the transaction, and ii a disposal by the person ceasing to be entitled to that interest; ... c the variation of a chargeable interest (other than a lease) is— i an acquisition of a chargeable interest (other than a lease) by the person benefitting from the variation, and ii a disposal of a chargeable interest (other than a lease) by the person whose interest is subject to or limited by the variation. d the variation of a lease is an acquisition and disposal of a chargeable interest only where i it takes effect, or is treated for the purposes of this Part, as the grant of a new lease , or ii paragraph 15A of Schedule 17A (reduction of rent or term) applies. 4 References in this Part to the “ purchaser ” and “ vendor ”, in relation to a land transaction, are to the person acquiring and the person disposing of the subject-matter of the transaction. These expressions apply even if there is no consideration given for the transaction. 5 A person is not treated as a purchaser unless he has given consideration for, or is a party to, the transaction. 6 References in this Part to the subject-matter of a land transaction are to the chargeable interest acquired (the “ main subject-matter ”), together with any interest or right appurtenant or pertaining to it that is acquired with it.