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
28(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—
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.”.]