SCHEDULE 17Partnerships

PART 2General provisions

Acquisition of interest in partnership not chargeable except as specially provided

4

The acquisition of an interest in a partnership is not a chargeable transaction, notwithstanding that the partnership property includes land, except as provided by—

(a)

Part 4 of this schedule (transfer of chargeable interest to a partnership),

(b)

paragraph 17 (transfer of partnership interest pursuant to earlier arrangements), or

(c)

paragraph 32 (transfer of interest in property-investment partnership).