SCHEDULE 17Partnerships
PART 7Property investment partnerships
35Election by property-investment partnership to disapply Part 4
1
Part 4 of this schedule does not apply to a transfer of a chargeable interest to a property-investment partnership if the buyer in relation to the transaction elects for that paragraph not to apply.
2
Where an election under this paragraph is made in respect of a transaction—
a
Part 5 of this schedule (if relevant) is also disapplied,
b
the chargeable consideration for the transaction is taken to be the market value of the chargeable interest transferred, and
c
the transaction falls within Part 3 of this schedule.
3
An election under this paragraph must be included in the land transaction return made in respect of the transaction or in an amendment of that return.
4
Such an election is irrevocable and a land transaction return may not be amended so as to withdraw the election.
5
Where an election under this paragraph in respect of a transaction (the “main transaction”) is made in an amendment of the land transaction return—
a
the election has effect as if it had been made on the date on which the land transaction return was made, and
b
any land transaction return in respect of an affected transaction may be amended (within the period allowed for amendment of that return) to take account of that election.
6
In sub-paragraph (5) “affected transaction”, in relation to the main transaction, means a transaction—
a
to which paragraph 32 applied, and
b
with an effective date on or after the effective date of the main transaction.