SCHEDULE 17Partnerships
PART 2General provisions
Meaning of “partnership”
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In this Act, “ 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) or the Limited Liability Partnerships Act (Northern Ireland) 2002 (c.12 (N.I.)),
d
a firm or entity of a similar character to any of those mentioned in paragraphs (a) to (c) formed under the law of a country or territory outside the United Kingdom.
Chargeable interests treated as being held by partners etc.
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1
For the purposes of this Act—
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 notwithstanding that the partnership is regarded as a legal person, or as a body corporate, under the law of the country or territory under which it is formed.
Acquisition of interest in partnership not chargeable except as specially provided
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The acquisition of an interest in a partnership is not a chargeable transaction, notwithstanding that the partnership property includes land, except as provided by—
a
Part 4 of this schedule (transfer of chargeable interest to a partnership),
b
paragraph 17 (transfer of partnership interest pursuant to earlier arrangements), or
c
paragraph 32 (transfer of interest in property-investment partnership).
Continuity of partnership
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For the purposes of this Act, a partnership is treated as the same partnership notwithstanding a change in membership if any person who was a member before the change remains a member after the change.
Partnership not to be regarded as unit trust scheme etc.
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A partnership is not to be regarded for the purposes of this Act as a unit trust scheme or an open ended investment company.