SCHEDULE 7PARTNERSHIPS
PART 9APPLICATION OF EXEMPTIONS, RELIEFS, PROVISIONS OF TCMA AND NOTIFICATION PROVISIONS
Application of charities relief
I142
1
Schedule 18 (charities relief) applies to the transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 18 or 34 with the following modifications.
2
Paragraph 1(b) has effect as if for ““a buyer in a land transaction”” there were substituted “
a transferee under a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 18 or 34 of Schedule 7,
”
.
3
Paragraph 2 has effect as if—
a
in sub-paragraph (1), for ““a buyer in a land transaction”” there were substituted “
a transferee under a transfer of an interest in a partnership by virtue of paragraph 18 or 34 of Schedule 7
”
;
b
in sub-paragraph (1)(a), for ““if C intends to hold the subject-matter of the transaction”” there were substituted “
if every chargeable interest held as partnership property immediately after the transfer is held
”
;
c
sub-paragraph (1)(b) were omitted;
d
in sub-paragraph (2), for ““C holds the subject-matter of the transaction”” there were substituted “
a chargeable interest held as partnership property is held
”
;
e
after sub-paragraph (2) there were inserted—
2A
There is a transfer of an interest in a partnership for the purposes of this Schedule if there is such a transfer for the purposes of Schedule 7 (see paragraph 48 of that Schedule).
2B
Paragraph 45(1) of Schedule 7 (meaning of references to partnership property) applies for the purposes of this Schedule as it applies for the purposes of that Schedule.
f
in sub-paragraph (4), for ““a buyer in a land transaction”” there were substituted “
a transferee under a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 18 or 34 of Schedule 7
”
;
g
in sub-paragraph (4)(b), for ““the subject-matter of the transaction”” there were substituted “
any chargeable interest held as partnership property immediately after the transaction
”
.
4
Paragraph 3 has effect as if—
a
for ““a land transaction”” there were substituted “
a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 18 or 34 of Schedule 7
”
;
b
for ““the buyer”” there were substituted “
the transferee
”
.
5
Paragraph 4 has effect as if—
a
in sub-paragraph (1)(a), for ““a land transaction”” were substituted “
a transfer of an interest in a partnership that is a chargeable transaction by virtue of paragraph 18 or 34 of Schedule 7
”
;
b
for sub-paragraph (4) there were substituted—
4
At the time of the disqualifying event the partnership property includes a chargeable interest—
a
that was held as partnership property immediately after the relieved transaction, or
b
that is derived from an interest held as partnership property at that time.
c
for sub-paragraph (6) there were substituted—
6
An “"appropriate proportion”” means an appropriate proportion having regard to—
a
the chargeable interests held as partnership property immediately after the relieved transaction and the chargeable interests held as partnership property at the time of the disqualifying event, and
b
the extent to which any chargeable interest held as partnership property at that time becomes used or held for purposes other than qualifying charitable purposes.