Transfer of chargeable interest from a partnership consisting wholly of bodies corporateU.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) and (5)] substitute—
“(2)The chargeable consideration for the transaction shall be taken to be equal to the market value of the interest transferred.”.
[(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.]