xmlns:atom="http://www.w3.org/2005/Atom" xmlns:atom="http://www.w3.org/2005/Atom"

(as introduced by section 30(1))

SCHEDULE 12E+WRELIEF FOR INCORPORATION OF LIMITED LIABILITY PARTNERSHIP

The reliefE+W

1A transaction by which a chargeable interest is transferred by a person (“"the transferor””) to a limited liability partnership in connection with its incorporation is relieved from tax if conditions A to C are met.E+W

Annotations:

Commencement Information

I1Sch. 12 para. 1 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition AE+W

2Condition A is that the effective date of the transaction is not more than one year after the date of incorporation of the limited liability partnership.E+W

Annotations:

Commencement Information

I2Sch. 12 para. 2 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition BE+W

3Condition B is that at the relevant time the transferor—E+W

(a)is a partner in a partnership comprised of all the persons who are, or are to be, members of the limited liability partnership (and no-one else), or

(b)holds the chargeable interest as nominee or bare trustee for one or more of the partners in such a partnership.

Annotations:

Commencement Information

I3Sch. 12 para. 3 in force at 1.4.2018 by S.I. 2018/34, art. 3

Condition CE+W

4Condition C is that—E+W

(a)the proportions of the chargeable interest to which the persons mentioned in paragraph 3(a) are entitled immediately after the transfer are the same as those to which they were entitled at the relevant time, or

(b)none of the differences in those proportions has arisen as part of arrangements of which the main purpose, or one of the main purposes, is the avoidance of liability to tax.

Annotations:

Commencement Information

I4Sch. 12 para. 4 in force at 1.4.2018 by S.I. 2018/34, art. 3

InterpretationE+W

5(1)In this Schedule—E+W

(2)In paragraph 4(b), “"arrangements”” includes any scheme, agreement or understanding, whether or not legally enforceable.

Annotations:

Commencement Information

I5Sch. 12 para. 5 in force at 1.4.2018 by S.I. 2018/34, art. 3