Under contract

Where an asset is disposed of and acquired under a contract, the time of the disposal and acquisition is the time when that contract is made, ie the date contracts are exchanged. It is not the date of the completion of the contract, or time of the conveyance or transfer of the asset (if different). However, if the contract is never completed, the disposal never takes place.

In the case of a conditional contract, the time of disposal and acquisition is the time when the condition is satisfied. This applies in particular