SCHEDULES

SCHEDULE 15 U.K.Stamp duty land tax: partnerships

[F1 Part 3 U.K.Transactions to which special provisions apply

Textual Amendments

F1 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

Transfer of chargeable interest from a partnership consisting wholly of bodies corporate U.K.

24 (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.]