Version Superseded: 17/07/2014
Point in time view as at 06/04/2006.
Finance Act 2003, Paragraph 33 is up to date with all changes known to be in force on or before 10 March 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
[F133[F2(1)This paragraph applies where stamp duty under Part 1 of Schedule 13 to the Finance Act 1999 (transfer on sale) is, apart from this paragraph, chargeable on an instrument effecting a transfer of an interest in a partnership.U.K.
(1A)If the relevant partnership property does not include any stock or marketable securities, no stamp duty shall (subject to sub-paragraph (8)) be chargeable on the instrument.]
(3)[F3If the relevant partnership property includes stock or marketable securities,] the stamp duty chargeable on the instrument shall not exceed the stamp duty that would be chargeable if—
(a)the instrument were an instrument effecting a transfer of [F4that stock and those securities], and
[F5(b)the consideration for the transfer were equal to the appropriate proportion of the net market value of that stock and those securities immediately after the transfer.]
[F6(3A)The “relevant partnership property”, in relation to a transfer of an interest in a partnership, is the partnership property immediately after the transfer, other than any partnership property that was transferred to the partnership in connection with the transfer.]
F7(4). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5)[F8The appropriate] proportion is—
(a)if the person acquiring the interest in the partnership was not a partner before the transfer, his partnership share immediately after the transfer;
(b)if he was a partner before the transfer, the difference between his partnership share before and after the transfer.
(6)The net market value of stock or securities at a particular date is—
where—
MV is the market value of the stock or securities at that date, and
SL is the amount outstanding at that date on any loan secured solely on the stock or securities.
(7)If, in relation to any stock or securities, SL is greater than MV, the net market value of the stock or securities shall be taken to be nil.
(8)Where this paragraph applies in relation to an instrument, the instrument shall not be regarded as duly stamped unless it has been stamped in accordance with section 12 of the Stamp Act 1891.
(9)This paragraph shall be construed as one with the Stamp Act 1891.]
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
F2Sch. 15 para. 33(1)(1A) substituted for Sch. 15 para. 33(1)(2) (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(2)
F3Words in Sch. 15 para. 33(3) inserted (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(3)(a)
F4Words in Sch. 15 para. 33(3)(a) substituted (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(3)(b)
F5Sch. 15 para. 33(3)(b) substituted (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(3)(c)
F6Sch. 15 para. 33(3A) inserted (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(4)
F7Sch. 15 para. 33(4) repealed (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(5), Sch. 11 Pt. 3(1)
F8Words in Sch. 15 para. 33(5) substituted (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(6)
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