42(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.E+W
(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.”
Commencement Information
I1Sch. 7 para. 42 in force at 1.4.2018 by S.I. 2018/34, art. 3