- Y Diweddaraf sydd Ar Gael (Diwygiedig) - Saesneg
- Y Diweddaraf sydd Ar Gael (Diwygiedig) - Cymraeg
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Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017
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- Deddfau Cynulliad Cenedlaethol Cymru
- 2017 anaw 1
- SCHEDULE 7
- PART 4
- Transfer of chargeable interest...
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- Dangos Graddfa Ddaearyddol(e.e. Lloegr, Cymru, Yr Alban aca Gogledd Iwerddon)
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Yn ddilys o 18/10/2017
Yn ddilys o 01/04/2018
Transfer of chargeable interest to a partnership: generalE+W
13(1)This paragraph applies where—E+W
(a)a partner transfers a chargeable interest to the partnership,
(b)a person transfers a chargeable interest to a partnership in return for an interest in the partnership, or
(c)a person connected with—
(i)a partner, or
(ii)a person who becomes a partner as a result of or in connection with the transfer,
transfers a chargeable interest to the partnership.
(2)This paragraph applies whether the transfer is in connection with the formation of the partnership or is a transfer to an existing partnership.
(3)The chargeable consideration for the transaction is taken to be equal to—
Figure 9 where—
MV is the market value of the chargeable interest transferred, and
SLP is the sum of the lower proportions.
(4)Paragraph 14 provides for determining the sum of the lower proportions.
(5)Part 7 applies if the whole or part of the chargeable consideration for the transaction is rent.
(6)Paragraphs 9 to 11 (responsibility of partners) have effect in relation to a transaction to which this paragraph applies, but the responsible partners are—
(a)those who were partners immediately before the transfer and who remain partners after the transfer, and
(b)any person becoming a partner as a result of, or in connection with, the transfer.
(7)This paragraph has effect subject to any election under paragraph 36.
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