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3E+WIn 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
I1Sch. 7 para. 3 in force at 1.4.2018 by S.I. 2018/34, art. 3
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
I2Sch. 7 para. 4 in force at 1.4.2018 by S.I. 2018/34, art. 3
5E+WThe 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
I3Sch. 7 para. 5 in force at 1.4.2018 by S.I. 2018/34, art. 3
6E+WFor 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
I4Sch. 7 para. 6 in force at 1.4.2018 by S.I. 2018/34, art. 3
7E+WFor 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
I5Sch. 7 para. 7 in force at 1.4.2018 by S.I. 2018/34, art. 3