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

PART 2 E+W GENERAL PROVISIONS

Partnerships E+W

3 E+W In this Act, a “"partnership”” means—

(a) a partnership within the Partnership Act 1890 (c. 39);

(b) a limited partnership registered under the Limited Partnerships Act 1907 (c. 24);

(c) a limited liability partnership formed under the Limited Liability Partnerships Act 2000 (c. 12);

(d) a firm or entity of similar character to any of those mentioned above formed under the law of a country or territory outside the United Kingdom.

Commencement Information

I1 Sch. 7 para. 3 in force at 1.4.2018 by S.I. 2018/34, art. 3

Chargeable interests treated as held by partners etc. E+W

4 (1) For the purposes of this Act— E+W

(a) a chargeable interest held by or on behalf of a partnership is treated as held by or on behalf of the partners, and

(b) a land transaction entered into for the purposes of a partnership is treated as entered into by or on behalf of the partners,

and not by or on behalf of the partnership as such.

(2) Sub-paragraph (1) applies despite a partnership being regarded as a legal person, or as a body corporate, under the law of the country or territory under which it is formed.

Commencement Information

I2 Sch. 7 para. 4 in force at 1.4.2018 by S.I. 2018/34, art. 3

Acquisition of interest in partnership not chargeable except as specially provided E+W

5 E+W The acquisition of an interest in a partnership is not a chargeable transaction despite the partnership property including land, except as provided by—

(a) paragraph 18 (transfer of interest pursuant to earlier arrangements);

(b) paragraph 34 (transfer of interest in property-investment partnership).

Commencement Information

I3 Sch. 7 para. 5 in force at 1.4.2018 by S.I. 2018/34, art. 3

Continuity of partnerships E+W

6 E+W For the purposes of this Act, a partnership is treated as the same partnership despite a change in membership if any person who was a member before the change remains a member after the change.

Commencement Information

I4 Sch. 7 para. 6 in force at 1.4.2018 by S.I. 2018/34, art. 3

Partnership not to be regarded as a unit trust scheme etc. E+W

7 E+W For the purposes of this Act, a partnership is not to be regarded as a unit trust scheme or an open-ended investment company.

Commencement Information

I5 Sch. 7 para. 7 in force at 1.4.2018 by S.I. 2018/34, art. 3