SCHEDULES
SCHEDULE 15Stamp duty land tax: partnerships
F1Part 3Transactions to which special provisions apply
19Transfer of chargeable interest from a partnership: chargeable consideration including rent
1
This paragraph applies in relation to a transaction to which paragraph 18 applies where the whole or part of the chargeable consideration for the transaction is rent.
F22
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
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 20 provides for determining the sum of the lower proportions.
9
This paragraph is subject to paragraph 24.
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