SCHEDULES
SCHEDULE 15Stamp duty land tax: partnerships
F1Part 3Transactions to which special provisions apply
28Application of charities relief
1
Schedule 8 (charities relief) applies to the transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 14 or 17 with these modifications.
2
In paragraph 1(1), for “A land transaction is exempt from charge if the purchaser is a charity” substitute “
A transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 14 or 17 of Schedule 15 is exempt from charge if the transferee is a charity
”
.
3
In paragraph 1(2)—
a
for “the purchaser must intend to hold the subject-matter of the transaction” substitute “
every chargeable interest held as partnership property immediately after the transfer must be held
”
;
b
in paragraphs (a) and (b) for “the purchaser” substitute “
the transferee
”
.
4
In paragraph 1(3) for “the purchaser” substitute “
the transferee
”
.
5
In paragraph 2(1), for paragraph (b) substitute—
b
at the time of the disqualifying event the partnership property includes a chargeable interest—
i
that was held as partnership property immediately after the relevant transaction, or
ii
that is derived from an interest held as partnership property at that time,
6
In paragraph 2(3)(a), for “the purchaser” substitute “
the transferee
”
.
7
In paragraph 2(3), for paragraph (b) substitute—
b
any chargeable interest held as partnership property immediately after the relevant transaction, or any interest or right derived from it, being used or held otherwise than for qualifying charitable purposes.
8
For paragraph 2(4) substitute—
4
In sub-paragraphs (1) and (2) an “appropriate proportion” means an appropriate proportion having regard to—
a
the chargeable interests held as partnership property immediately after the relevant transaction and the chargeable interests held as partnership property at the time of the disqualifying event, and
b
the extent to which any chargeable interest held as partnership property at that time becomes used or held for purposes other than qualifying charitable purposes.
9
After paragraph 2 insert—
Interpretation
3
1
There is a transfer of an interest in a partnership for the purposes of this Schedule if there is such a transfer for the purposes of Part 3 of Schedule 15 (see paragraph 36 of that Schedule).
2
Paragraph 34 (1) of Schedule 15 (meaning of references to partnership property) applies for the purposes of this Schedule as it applies for the purposes of Part 3 of that Schedule.
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