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Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017

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Transfer of chargeable interest to a partnership: general

This section has no associated Explanatory Notes

13(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—

Formula - MV multiplied by (100 minus SLP)%

Figure 9

where—

  • MV is the market value of the chargeable interest transferred, and

  • SLP is the sum of the lower proportions.

(4)Paragraph 14 provides for determining the sum of the lower proportions.

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

(6)Paragraphs 9 to 11 (responsibility of partners) have effect in relation to a transaction to which this paragraph applies, but the responsible partners are—

(a)those who were partners immediately before the transfer and who remain partners after the transfer, and

(b)any person becoming a partner as a result of, or in connection with, the transfer.

(7)This paragraph has effect subject to any election under paragraph 36.

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