Land and Buildings Transaction Tax (Scotland) Act 2013

PART 2 S General provisions

Meaning of “partnership” S

2 S In this Act, “ 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),

(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.)),

(d) a firm or entity of a similar character to any of those mentioned in paragraphs (a) to (c) formed under the law of a country or territory outside the United Kingdom.

Commencement Information

I1 Sch. 17 para. 2 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

Chargeable interests treated as being held by partners etc. S

3 (1) For the purposes of this Act— S

(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.

Commencement Information

I2 Sch. 17 para. 3 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

Acquisition of interest in partnership not chargeable except as specially provided S

4 S The acquisition of an interest in a partnership is not a chargeable transaction, notwithstanding that the partnership property includes land, except as provided by—

(a) Part 4 of this schedule (transfer of chargeable interest to a partnership),

(b) paragraph 17 (transfer of partnership interest pursuant to earlier arrangements), or

(c) paragraph 32 (transfer of interest in property-investment partnership).

Commencement Information

I3 Sch. 17 para. 4 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

Continuity of partnership S

5 S For the purposes 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.

Commencement Information

I4 Sch. 17 para. 5 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2

Partnership not to be regarded as unit trust scheme etc. S

6 S A partnership is not to be regarded for the purposes of this Act as a unit trust scheme or an open ended investment company.

Commencement Information

I5 Sch. 17 para. 6 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2