SCHEDULE 15Stamp duty land tax: partnerships
F1Part 3Transactions to which special provisions apply
Transfer of chargeable interest to a partnership: general
10
(1)
This paragraph applies where—
(a)
a partner transfers a chargeable interest to the partnership, or
(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.
It applies whether the transfer is in connection with the formation of the partnership or is a transfer to an existing partnership.
(2)
The chargeable consideration for the transaction shall (subject to paragraph 13) be taken to be equal to—
where—
RCP is the relevant chargeable proportion,
MV is the market value of the interest transferred, and
AC is the actual consideration for the transaction.
(3)
The relevant chargeable proportion in relation to the market value of the interest transferred is—
where SLP is the sum of the lower proportions.
(4)
The relevant chargeable proportion in relation to the actual consideration for the transaction is—
where SLP is the sum of the lower proportions.
(5)
Paragraph 12 provides for determining the sum of the lower proportions.
(6)
Paragraph 11 applies (instead of sub-paragraphs (2) to (5)) if the whole or part of the chargeable consideration for the transaction is rent.
(7)
Paragraphs 6 to 8 (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.