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.

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.

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.

A transaction to which this paragraph applies is excluded from stamp duty land tax.