SCHEDULE 7PARTNERSHIPS
PART 6OTHER PARTNERSHIP TRANSACTIONS
Transfer of chargeable interest from a partnership consisting wholly of bodies corporate
I130
1
This paragraph applies where—
a
there is a transaction to which paragraph 21 applies;
b
immediately before the transaction all the partners are bodies corporate;
c
the sum of the lower proportions is 75 or more.
2
Paragraphs 21 and 31 have effect with the following modifications.
3
Paragraph 21 has effect as if for sub-paragraphs (2) and (3) there were substituted—
2
The chargeable consideration for the transaction is taken to be equal to the market value of the interest transferred.
4
Paragraph 31(2) has effect as if for ““sub-paragraphs (3) to (6)”” there were substituted “
sub-paragraph (5)
”
.
5
Paragraph 31 has effect as if sub-paragraphs (3), (4), (6) and (7) were omitted.