SCHEDULES
SCHEDULE 15Stamp duty land tax: partnerships
Part 1General provisions
Partnerships
1
In this Part of this Act a “partnership” means—
a
a partnership within the Partnership Act 1890 (c. 39),
b
a limited partnership registered under the Limited Partnerships Act 1907 (c. 24), or
c
a limited liability partnership formed under the Limited Liability Partnerships Act 2000 (c. 12) or the Limited Liability Partnerships Act (Northern Ireland) 2002 (c. 12 (N. I.)),
or a firm or entity of a similar character to any of those mentioned above formed under the law of a country or territory outside the United Kingdom.
Legal personality of partnership disregarded
2
1
For the purposes of this Part of this Act—
a
a chargeable interest held by or on behalf of a partnership is treated as held by or on behalf of the partners, and
b
a land transaction entered into for the purposes of a partnership is treated as entered into by or on behalf of the partners,
and not by or on behalf of the partnership as such.
2
Sub-paragraph (1) applies notwithstanding that the partnership is regarded as a legal person, or as a body corporate, under the law of the country or territory under which it is formed.
Continuity of partnership
3
For the purposes of this Part of this Act a partnership is treated as the same partnership notwithstanding a change in membership if any person who was a member before the change remains a member after the change.
Partnership not to be regarded as unit trust scheme etc
4
A partnership is not to be regarded for the purposes of this Part of this Act as a unit trust scheme or an open ended investment company.