Land and Buildings Transaction Tax (Scotland) Act 2013

PART 2 General provisions

Meaning of “partnership”

2 In this Act, “partnership” means—

(a) a partnership within the Partnership Act 1890 (c.39),

(b) a limited partnership registered under the Limited Partnerships Act 1907 (c.24),

(c) a limited liability partnership formed under the Limited Liability Partnerships Act 2000 (c.12) or the Limited Liability Partnerships Act (Northern Ireland) 2002 (c.12 (N.I.)),

(d) a firm or entity of a similar character to any of those mentioned in paragraphs (a) to (c) formed under the law of a country or territory outside the United Kingdom.

Chargeable interests treated as being held by partners etc.

3 (1) For the purposes of this Act—

(a) a chargeable interest held by or on behalf of a partnership is treated as held by or on behalf of the partners, and

(b) a land transaction entered into for the purposes of a partnership is treated as entered into by or on behalf of the partners,

and not by or on behalf of the partnership as such.

(2) Sub-paragraph (1) applies notwithstanding that the partnership is regarded as a legal person, or as a body corporate, under the law of the country or territory under which it is formed.

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).

Continuity of partnership

5 For the purposes of this Act, a partnership is treated as the same partnership notwithstanding a change in membership if any person who was a member before the change remains a member after the change.

Partnership not to be regarded as unit trust scheme etc.

6 A partnership is not to be regarded for the purposes of this Act as a unit trust scheme or an open ended investment company.