SCHEDULE 17Partnerships

PART 5Transactions involving transfer from a partnership

Relevant owner

23

(1)

For the purposes of paragraph 22 (see Step 1), a person is a relevant owner if—

(a)

immediately after the land transfer, the person is entitled to a proportion of the chargeable interest, and

(b)

immediately before the land transfer, the person was a partner or connected with a partner.

(2)

For the purposes of this paragraph and paragraph 22, persons who are entitled to a chargeable interest as joint owners are taken to be entitled to the chargeable interest as common owners in equal shares.