SCHEDULE 12RELIEF FOR INCORPORATION OF LIMITED LIABILITY PARTNERSHIP
Interpretation
I15
1
In this Schedule—
“"limited liability partnership”” (“"partneriaeth atebolrwydd cyfyngedig”") means a limited liability partnership formed under the Limited Liability Partnerships Act 2000 (c. 12);
“"the relevant time”” (“"yr adeg berthnasol”") means—
- a
where the transferor acquired the chargeable interest after the incorporation of the limited liability partnership, immediately after the transferor acquired it, and
- b
in any other case, immediately before the limited liability partnership's incorporation.
- a
2
In paragraph 4(b), “"arrangements”” includes any scheme, agreement or understanding, whether or not legally enforceable.