Part 4 Transactions Involving Transfers to a Partnership
Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

Part 4 Transactions Involving Transfers to a Partnership

Introduction

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In this Part of this Schedule—

(a)     paragraphs 13 to 17 make provisions about the treatment of certain land transactions involving the transfer of a chargeable interest to a partnership, and

(b)     paragraphs 18 and 19 provide for certain events following such transactions to be treated as land transactions.

Transfer of chargeable interest to a partnership: general

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(1)     This paragraph applies where—

(a)     a partner transfers a chargeable interest to the partnership,

(b)     a person transfers a chargeable interest to a partnership in return for an interest in the partnership, or

(c)     a person connected with—

(i)     a partner, or

(ii)     a person who becomes a partner as a result of or in connection with the transfer,

transfers a chargeable interest to the partnership.

(2)     This paragraph applies whether the transfer is in connection with the formation of the partnership or is a transfer to an existing partnership.

(3)     The chargeable consideration for the transaction is taken to be equal to—

MV x (100 - SLP) %

Figure 9

where—

MV is the market value of the chargeable interest transferred,

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