SCHEDULE 7 Partnerships | Part 5 | Transactions Involving Transfers From A Partnership | Land Transaction Tax And Anti Avoidance Of Devolved Taxes Wales Act 2017 Anaw1

Part 5 Transactions Involving Transfers from a Partnership

Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 (2017 anaw 1) | Legislation

Part 5 Transactions Involving Transfers from a Partnership

Introduction

This Part of this Schedule makes provision about the treatment of certain land transactions involving the transfer of a chargeable interest from a partnership.

Transfer of chargeable interest from a partnership: general

(1) This paragraph applies where a chargeable interest is transferred—

(a) from a partnership to a person who is or has been one of the partners, or

(b) from a partnership to a person connected with a person who is or has been one of the partners.

(2) The chargeable consideration for the transaction is (subject to paragraph 30) taken to be equal to—

MV x (100 - SLP) %

Figure 10

where—

MV is the market value of the interest transferred, and

SLP is the sum of the lower proportions.

(3) Paragraph 22 provides for determining the sum of the lower proportions.

(4) Part 7 applies if the whole or part of the chargeable consideration for the transaction is rent.

(5) For the purposes of this paragraph, property that was partnership property before the partnership was dissolved or otherwise ceased to exist is to be treated as remaining partnership