Circumstances in which this Part applies
12(1)This Part of this schedule applies where—
(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.