Land and Buildings Transaction Tax (Scotland) Act 2013 (asp 11)

SCHEDULE 17 Partnerships

PART 5 Transactions involving transfer from a partnership

Circumstances in which Part applies

20 (1) This Part of this schedule applies where a chargeable interest is transferred—

(a) from a partnership to a person who is or has been one of the partners, or

(b) from a partnership to a person connected with a person who is or has been one of the partners.

(2) For the purposes of this paragraph property that was partnership property before the partnership was dissolved or otherwise ceased to exist is to be treated as remaining partnership property until it is distributed.

(3) In this Part of this schedule—

• “the land transfer” means the transaction mentioned in sub-paragraph (1), and

• “the partnership” means the partnership from which the chargeable interest is transferred.

(4) This paragraph has effect subject to any election under paragraph 35.