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[F114(1)This paragraph applies where—
(a)there is a transfer of an interest in a partnership,
(b)consideration is given for the transfer, and
(c)the relevant partnership property includes a chargeable interest.
(2)The transfer—
(a)shall be taken for the purposes of this Part to be a land transaction;
(b)is a chargeable transaction.
(3)The purchaser under the transaction is the person who acquires an increased partnership share or, as the case may be, becomes a partner in consequence of the transfer.
(4)Consideration is regarded as given for the transfer—
(a)in a case within paragraph 36(a), if consideration in money or money’s worth is given by or on behalf of the person acquiring the interest;
(b)in a case within paragraph 36(b), if there is a withdrawal of money or money’s worth from the partnership by the person reducing his interest or ceasing to be a partner.
(5)The “relevant partnership property”, in relation to a transfer of an interest in a partnership, is every chargeable interest held as partnership property immediately after the transfer, other than—
(a)any interest that was transferred to the partnership in connection with the transfer;
(b)a lease to which paragraph 15 (exclusion of market rent leases) applies.
(6)The chargeable consideration for the transaction shall be taken to be equal to a proportion of the market value of the relevant partnership property.
(7)That proportion is—
(a)if the person acquiring the interest in the partnership was not a partner before the transfer, his partnership share immediately after the transfer;
(b)if he was a partner before the transfer, the difference between his partnership share before and after the transfer.]
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
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