- Y Diweddaraf sydd Ar Gael (Diwygiedig)
- Pwynt Penodol mewn Amser (15/04/2003)
- Gwreiddiol (Fel y'i Deddfwyd)
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Finance Act 2003,
Part 3
is up to date with all changes known to be in force on or before 10 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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Yn ddilys o 10/07/2003
9(1)This Part of this Schedule excludes from stamp duty land tax—U.K.
(a)the transfer of an interest in land into a partnership (paragraph 10),
(b)the acquisition of an interest in a partnership (paragraph 11), or
(c)the transfer of an interest in land out of a partnership (paragraph 12).
(2)In this Part of this Schedule—
(a)references to an interest in land include any interest or right that would be a chargeable interest but for being excluded from stamp duty land tax, and
(b)references to the transfer of an interest in land include—
(i)the grant or creation of an interest in land,
(ii)the variation of an interest in land, and
(iii)the surrender or release of an interest in land.
10(1)This paragraph applies to a transaction by which—U.K.
(a)a partner transfers an interest in land to a partnership, or
(b)a person transfers an interest in land to a partnership in return for an interest in the partnership,
whether in connection with the formation of the partnership or in a case where the partnership already exists.
(2)There is a transfer of an interest in land to a partnership in any case where an interest in land that was not partnership property becomes partnership property.
(3)A transaction to which this paragraph applies is excluded from stamp duty land tax.
11U.K.An acquisition of an interest in a partnership is excluded from stamp duty land tax.
12(1)This paragraph applies to a transaction by which an interest in land is transferred from a partnership to a person in consideration of his ceasing to be a member of the partnership or reducing his interest in the partnership.U.K.
(2)There is a transfer of an interest in land from a partnership in any case where an interest in land that was partnership property ceases to be partnership property.
(3)For the purposes of this paragraph property that was partnership property before the partnership was dissolved or otherwise ceased to exist shall be treated as remaining partnership property until it is distributed.
(4)A transaction to which this paragraph applies is excluded from stamp duty land tax.
13(1)A transaction that is excluded from stamp duty land tax by this Part of this Schedule shall be treated for the purposes of this Part of this Act as if it were not a land transaction.U.K.
(2)Nothing in section 125 (abolition of stamp duty except in relation to stock or marketable securities), or in Part 2 of Schedule 20 (amendments and repeals consequential on that section), affects the application of the enactments relating to stamp duty in relation to an instrument effecting a transaction that is excluded from stamp duty land tax by this Part of this Schedule.
(3)In Part 1 of Schedule 20 (provisions supplementing that section) references to stock or marketable securities shall be read as including any property that is the subject-matter of a transaction excluded from stamp duty land tax by this Part of this Schedule.
14U.K.Any reference in this Part of this Schedule to partnership property is to an interest or right held by or on behalf of a partnership, or the members of a partnership, for the purposes of the partnership business.
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