SCHEDULE 17Partnerships

PART 4Transactions involving transfer to a partnership

Relevant owner

15

(1)

For the purposes of paragraph 14 (see Step 1), a person is a relevant owner if—

(a)

immediately before the land transfer, the person was entitled to a proportion of the chargeable interest, and

(b)

immediately after the land transfer, the person is a partner or connected with a partner.

(2)

For the purposes of this paragraph and paragraph 14, persons who are entitled to a chargeable interest as joint owners are to be taken to be entitled to the chargeable interest as common owners in equal shares.