35(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.