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

SCHEDULE 17 Partnerships

PART 5 Transactions involving transfer from a partnership

Transfer of chargeable interest from a partnership consisting wholly of bodies corporate

28 (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.