SCHEDULE 17Partnerships
PART 5Transactions involving transfer from a partnership
28Transfer of chargeable interest from a partnership consisting wholly of bodies corporate
1
This paragraph applies where—
a
immediately before the land transfer all the partners are bodies corporate, and
b
the sum of the lower proportions is 75 or more.
2
Paragraphs 21, 27 and 29 have effect subject to the following modifications.
3
For paragraph 21 substitute—
21
The chargeable consideration for the land transfer is taken to be equal to the market value of the interest transferred.
4
In paragraph 27(2) and (3), for “21(1)” substitute “21”.
5
In paragraph 29—
a
in sub-paragraph (2), for “sub-paragraphs (3) to (6)” substitute “sub-paragraph (5)”,
b
omit sub-paragraphs (3), (4), (6), (7) and (9).
6
Paragraph 22 provides for determining the sum of the lower proportions.