SCHEDULE 7PARTNERSHIPS

PART 9APPLICATION OF EXEMPTIONS, RELIEFS, PROVISIONS OF TCMA AND NOTIFICATION PROVISIONS

44Notification of transfer of partnership interest

1

A transaction which is a chargeable transaction by virtue of paragraph 18 or 34 (transfer of partnership interest) is a notifiable transaction only if the chargeable consideration for the transaction exceeds the zero rate threshold.

2

The chargeable consideration for a transaction exceeds the zero rate threshold if it includes—

a

any amount in respect of which tax is chargeable at a rate of more than 0%, or

b

any amount in respect of which tax would be so chargeable but for a relief.