SCHEDULES
SCHEDULE 15Stamp duty land tax: partnerships
F1Part 3Transactions to which special provisions apply
13Transfer of chargeable interest to a partnership consisting wholly of bodies corporate
1
This paragraph applies where—
a
there is a transaction to which paragraph 10 applies;
b
immediately after the transaction all the partners are bodies corporate;
c
the sum of the lower proportions is 75 or more.
2
Paragraphs 10 and 11 have effect with these modifications.
3
In paragraph 10, for sub-paragraphs (2) to (5) substitute—
2
The chargeable consideration for the transaction shall be taken to be equal to the market value of the interest transferred.
4
In paragraph 10(6), for “sub-paragraphs (2) to (5)” substitute “
sub-paragraph (2)
”
.
5
In paragraph 11, omit sub-paragraphs (3) and (6) to (8).
6
In paragraph 11, for sub-paragraph (4) substitute—
4
If there is chargeable consideration other than rent, that chargeable consideration shall be taken to be equal to the market value of the interest transferred.
7
In paragraph 11, for sub-paragraph (5)(b) substitute—
b
that chargeable consideration shall be taken to be equal to the market value of the interest transferred.
8
Paragraph 12 provides for determining the sum of the lower proportions.
Sch. 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