Transfer of chargeable interest from a partnership consisting wholly of bodies corporateU.K.
[F124(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 [F2sub-paragraphs (2) and (5)] substitute—
“(2)The chargeable consideration for the transaction shall be taken to be equal to the market value of the interest transferred.”.
[F3(4A)In paragraph 19(2), for “sub-paragraphs (2A) to (2C)” substitute “ sub-paragraph (2C) ”.
(5)In paragraph 19, omit sub-paragraphs (2A), (2B), (2D) and (8).]
(9)Paragraph 20 provides for determining the sum of the lower proportions.]
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
F2Words in Sch. 15 para. 24(3) substituted (with effect in accordance with Sch. 24 para. 11(1)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 7(1)
F3Sch. 15 para. 24(4A)(5) substituted for Sch. 15 para. 24(4)-(8) (with effect in accordance with Sch. 24 para. 11(1)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 7(2)