SCHEDULES

SCHEDULE 24Stamp duty land tax: amendments of Schedule 15 to FA 2003

Transfer of partnership interest: restriction of charge to property-investment partnerships

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1

In paragraph 14 (transfer of partnership interest: consideration given and chargeable interest held), for the heading substitute—

Transfer for consideration of interest in property-investment partnership

2

In sub-paragraph (1)(a) of that paragraph, before “partnership” insert “ property-investment ”.

3

After sub-paragraph (7) of that paragraph insert—

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In this paragraph—

  • “property-investment partnership” means a partnership whose sole or main activity is investing or dealing in chargeable interests (whether or not that activity involves the carrying out of construction operations on the land in question);

  • “construction operations” has the same meaning as in Chapter 3 of Part 3 of the Finance Act 2004 (see section 74 of that Act).