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Finance Act 2003

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Changes over time for: Paragraph 11

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Changes to legislation:

Finance Act 2003, Paragraph 11 is up to date with all changes known to be in force on or before 29 January 2025. 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. Help about Changes to Legislation

Transfer of chargeable interest to a partnership: chargeable consideration including rentU.K.

[F111(1)This paragraph applies in relation to a transaction to which paragraph 10 applies where the whole or part of the chargeable consideration for the transaction is rent.

[F2(2)Schedule 5 (amount of tax chargeable: rent) has effect with the modifications set out in sub-paragraphs (2A) to (2C).

(2A)In paragraph 2—

(a)for “the net present value of the rent payable over the term of the lease” substitute “ the relevant chargeable proportion of the net present value of the rent payable over the term of the lease ”, and

(b)for “the net present values of the rent payable over the terms of all the leases” substitute “ the relevant chargeable proportions of the net present values of the rent payable over the terms of all the leases ”.

(2B)In paragraph [F39A(6)]

(a)for “the annual rent” substitute “ the relevant chargeable proportion of the annual rent ”, and

(b)for “the total of the annual rents” substitute “ the relevant chargeable proportion of the total of the annual rents ”.

(2C)For paragraph 9(4) substitute—

(4)Tax chargeable under this Schedule is in addition to any tax chargeable under section 55 [F4or 74(1A)] [F5or Schedule [F64A F7...] as they have] effect by virtue of paragraph 10 of Schedule 15..

(2D)For the purposes of sub-paragraphs (2A) and (2B) the relevant chargeable proportion is—

where SLP is the sum of the lower proportions.]

(8)Paragraph 12 provides for determining the sum of the lower proportions.

(9)This paragraph is subject to paragraph 13.]

Textual Amendments

F1Sch. 15 Pt. 3 substituted (with effect in accordance with Sch. 41 para. 3 of the amending Act) by Finance Act 2004 (c. 12), Sch. 41 para. 1

F2Sch. 15 para. 11(2)-(2D) substituted for Sch. 15 para. 11(2)-(7) (with effect in accordance with Sch. 24 para. 11(1)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 3

F3Word in Sch. 15 para. 11(2B)(a) substituted (with effect in accordance with s. 95(13) of the amending Act) by Finance Act 2008 (c. 9), s. 95(11)(a)

F4Words in Sch. 15 para. 11(2C) inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 9(2)(a)

F5Words in Sch. 15 para. 11(2C) substituted (with effect in accordance with Sch. 22 para. 9 of the amending Act) by Finance Act 2011 (c. 11), Sch. 22 para. 8

F6Words in Sch. 15 para. 11(2C) inserted (with effect in accordance with Sch. 35 para. 10 of the amending Act) by Finance Act 2012 (c. 14), Sch. 35 para. 9(2)(b)

F7Words in Sch. 15 para. 11(2C) omitted (with effect in accordance with s. 7(3) of the amending Act) by virtue of Finance (No. 2) Act 2024 (c. 12), s. 7(2)(a)(v) (with s. 7(4)-(10))

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