C1SCHEDULE 5HIGHER RATES RESIDENTIAL PROPERTY TRANSACTIONS

Annotations:
Modifications etc. (not altering text)

C1PART 5SUPPLEMENTARY PROVISIONS

Partnerships

I1C132

1

Sub-paragraph (2) applies in relation to a chargeable transaction, the subject-matter of which consists of a major interest in one or more dwellings if—

a

the buyer (or one of them) is a partner in a partnership, but

b

the buyer does not enter into the transaction for the purposes of the partnership.

2

For the purposes of determining whether paragraph 5 or 15 applies to the transaction, any major interest in any other dwelling that is held by or on behalf of the partnership for the purposes of a trade carried on by the partnership is not to be treated as held by or on behalf of the buyer.

3

Paragraph 4(1)(a) of Schedule 7 (chargeable interests held by partnerships treated as held by the partners) has effect subject to sub-paragraph (2).