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.