PART 2Key concepts
CHAPTER 1Land transactions and chargeable interests
Acquisition and disposal of chargeable interest
I16Acquisition and disposal of chargeable interest
1
Each of the following is an acquisition and a disposal of a chargeable interest—
a
the creation of the interest,
b
the renunciation or release of the interest,
c
the variation of the interest (but not the variation of a lease).
2
The variation of a lease is treated as an acquisition and a disposal of a chargeable interest only where paragraph 29 of schedule 19 (reduction of rent or term or other variation of lease) applies.
3
A person acquires a chargeable interest where—
a
the person becomes entitled to the interest on its creation,
b
the person's interest or right is benefitted or enlarged by the renunciation or release of the interest, or
c
the person benefits from the variation of the interest.
4
A person disposes of a chargeable interest where—
a
the person's interest or right becomes subject to the interest on its creation,
b
the person ceases to be entitled to the interest on its being renounced or released, or
c
the person's interest or right is subject to or limited by the variation of the interest.
5
Except as otherwise provided, this Act applies however the acquisition is effected, whether by act of the parties, by order of a court or other authority, by or under any enactment or by operation of law.