SCHEDULES
SCHEDULE 15Stamp duty land tax: partnerships
F1Part 3Transactions to which special provisions apply
24Transfer of chargeable interest from a partnership consisting wholly of bodies corporate
1
This paragraph applies where—
a
there is a transaction to which paragraph 18 applies;
b
immediately before the transaction all the partners are bodies corporate;
c
the sum of the lower proportions is 75 or more.
2
Paragraphs 18, 19 and 23 have effect with these modifications.
3
In paragraph 18, 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 18(6), for “sub-paragraphs (2) to (5)” substitute “
sub-paragraph (2)
”
.
5
In paragraph 19, omit sub-paragraphs (3) and (6) to (8).
6
In paragraph 19, 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 19, 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
In paragraph 23(2)—
a
for “paragraphs 10(2) to (5) and 18(2) to (5)” substitute “
paragraphs 10(2) and 18(2)
”
;
b
for “paragraph 10(2) to (5)” substitute “
paragraph 10(2)
”
;
c
for “paragraph 18(2) to (5)” substitute “
paragraph 18(2)
”
.
9
Paragraph 20 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