Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section Sch 2 para 4

Definitions: part of subject-matter, transferor and subject-matter of a pre-completion transaction

Schedule 2 paragraph 4 defines three key terms used throughout the pre-completion transactions Schedule: "part of the subject-matter of the original contract", "the transferor", and the "subject-matter" of a pre-completion transaction.

• A reference to part of the subject-matter of the original contract means the same type of chargeable interest as in the original contract, but relating to only part of the land, together with any associated rights or interests attached to it.
• The transferor in a pre-completion transaction is the person who, immediately before that transaction took place, had the right to call for a transfer of what became the subject-matter of the pre-completion transaction.
• The subject-matter of a pre-completion transaction is the chargeable interest that the transferee becomes entitled to call for as a result of that transaction, again including any associated rights or interests attached to it.
• These definitions ensure that where only part of the land in an original contract is dealt with in a pre-completion transaction, the Schedule still applies appropriately to that portion and any rights connected with it.