45(1)Any reference in this Schedule to partnership property is to an interest or right held by or on behalf of a partnership, or the members of a partnership, for the purposes of the partnership business.
(2)Any reference in this Schedule to a person’s partnership share at any time is to the proportion in which the person is entitled at that time to share in the income profits of the partnership.
46References in this Schedule to a transfer of a chargeable interest include—
(a)the creation of a chargeable interest,
(b)the variation of a chargeable interest, and
(c)the surrender or release of a chargeable interest.
47For the purposes of this Schedule, there is a transfer of a chargeable interest to a partnership in any case where a chargeable interest becomes partnership property.
48For the purposes of this Schedule, where a person acquires or increases a partnership share there is a transfer of an interest in the partnership (to that partner and from the other partners).
49For the purposes of this Schedule, there is a transfer of a chargeable interest from a partnership in any case where—
(a)a chargeable interest that was partnership property ceases to be partnership property, or
(b)a chargeable interest is granted or created out of partnership property and the interest is not partnership property.
50(1)This paragraph applies in relation to a lease for the purposes of this Schedule if—
(a)the grant of the lease is or was a transaction to which paragraph 13 applies or applied (or a transaction to which paragraph 13 would have applied if that paragraph had been in force at the time of the grant), or
(b)the grant of the lease is a transaction to which paragraph 21 applies.
(2)In determining the market value of the lease, an obligation of the tenant under the lease is to be taken into account if (but only if)—
(a)it is an obligation such as is mentioned in paragraph 16(1) of Schedule 6 (tenant’s obligations that do not count as chargeable consideration), or
(b)it is an obligation to make a payment to a person.
51(1)Section 1122 of the Corporation Tax Act 2010 (c. 4) (connected persons) has effect for the purposes of this Schedule.
(2)As applied by sub-paragraph (1), that section has effect with the omission of subsection (7) (partners connected with each other).
(3)As applied by sub-paragraph (1) for the purposes of paragraphs 15, 16, 23 and 24, that section has effect with the omission of subsection (6)(c) to (e) (trustee connected with settlement).
52In this Schedule, “arrangements” has the meaning given by section 31(3).