SCHEDULE 17Partnerships

PART 8Application of provisions on exemptions, reliefs and notification

Notification of transfers of partnership interests

41

(1)

A transaction which is a chargeable transaction by virtue of paragraph 17 or 32 (transfer of partnership interest) is a notifiable transaction if (but only if) the consideration for the transaction exceeds the nil rate tax band.

(2)

The consideration for a transaction exceeds the nil rate tax band if—

(a)

the chargeable consideration, or

(b)

where the transaction is one of a number of linked transactions, the total of the chargeable consideration for all the linked transactions,

exceeds the nil rate tax band applicable to the transaction.