Circumstances in which this Part appliesS
12 (1)This Part of this schedule applies where—S
(a)a partner transfers a chargeable interest to the partnership,
(b)a person transfers a chargeable interest to a partnership in return for an interest in the partnership, or
(c)a person connected with—
(i)a partner, or
(ii)a person who becomes a partner as a result of or in connection with the transfer,
transfers a chargeable interest to the partnership.
(2)This Part of this schedule applies whether the transfer is in connection with the formation of the partnership or is a transfer to an existing partnership.
(3)In this Part of this schedule—
“ the land transfer ” means the transaction mentioned in sub-paragraph (1), and
“ the partnership ” means the partnership to which the chargeable interest is transferred.
(4)This paragraph has effect subject to any election under paragraph 35.
Commencement Information
I1 Sch. 17 para. 12 in force at 1.4.2015 by S.S.I. 2015/108 , art. 2