Finance Act 2003 (c. 14)

SCHEDULES

SCHEDULE 15 U.K. Stamp duty land tax: partnerships

Part 1 U.K. General provisions

Legal personality of partnership disregarded U.K.

2 (1) For the purposes of this Part of this Act— U.K.

(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.