{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-15/paragraph-14",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-15/paragraph-14.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/15/paragraph/14",
  "kind": "paragraph",
  "number": "14",
  "heading": "Transfer ... of interest in property-investment partnership",
  "text": "(1) This paragraph applies where—\n(a) there is a transfer of an interest in a property-investment partnership,\n(b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(c) the relevant partnership property includes a chargeable interest.\n(2) The transfer—\n(a) shall be taken for the purposes of this Part to be a land transaction;\n(b) is a chargeable transaction.\n(3) The purchaser under the transaction is the person who acquires an increased partnership share or, as the case may be, becomes a partner in consequence of the transfer.\n(3A) A transfer to which this paragraph applies is a Type A transfer if it takes the form of arrangements entered into under which—\n(a) the whole or part of a partner's interest as partner is acquired by another person (who may be an existing partner), and\n(b) consideration in money or money's worth is given by or on behalf of the person acquiring the interest.\n(3B) A transfer to which this paragraph applies is also a Type A transfer if it takes the form of arrangements entered into under which—\n(a) a person becomes a partner,\n(b) the interest of an existing partner in the partnership is reduced or an existing partner ceases to be a partner, and\n(c) there is a withdrawal of money or money's worth from the partnership by the existing partner mentioned in paragraph (b) (other than money or money's worth paid from the resources available to the partnership prior to the transfer).\n(3C) Any other transfer to which this paragraph applies is a Type B transfer.\n(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(5) The “relevant partnership property”, in relation to a Type A transfer of an interest in a partnership, is every chargeable interest held as partnership property immediately after the transfer, other than—\n(a) any chargeable interest that was transferred to the partnership in connection with the transfer;\n(b) a lease to which paragraph 15 (exclusion of market rent leases) applies , and\n(c) any chargeable interest that is not attributable economically to the interest in the partnership that is transferred.\n(5A) The “relevant partnership property”, in relation to a Type B transfer of an interest in a partnership, is every chargeable interest held as partnership property immediately after the transfer, other than—\n(a) any chargeable interest that was transferred to the partnership in connection with the transfer,\n(b) a lease to which paragraph 15 (exclusion of market rent leases) applies,\n(c) any chargeable interest that is not attributable economically to the interest in the partnership that is transferred,\n(d) any chargeable interest that was transferred to the partnership on or before 22 July 2004,\n(e) any chargeable interest in respect of whose transfer to the partnership an election has been made under paragraph 12A, and\n(f) any other chargeable interest whose transfer to the partnership did not fall within paragraph 10(1)(a), (b) or (c).\n(6) The chargeable consideration for the transaction shall be taken to be equal to a proportion of the market value of the relevant partnership property.\n(7) That proportion is—\n(a) if the person acquiring the interest in the partnership was not a partner before the transfer, his partnership share immediately after the transfer;\n(b) if he was a partner before the transfer, the difference between his partnership share before and after the transfer.\n(8) In this paragraph—\n“property-investment partnership” means a partnership whose sole or main activity is investing or dealing in chargeable interests (whether or not that activity involves the carrying out of construction operations on the land in question);\n“construction operations” has the same meaning as in Chapter 3 of Part 3 of the Finance Act 2004 (see section 74 of that Act).\n(9) An interest in respect of the transfer of which this paragraph applies shall be treated as a chargeable interest for the purposes of paragraph 3(1) of Schedule 7 to the extent that the relevant partnership property consists of a chargeable interest.",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Sch. 15 Pt. 3 substituted (with effect in accordance with Sch. 41 para. 3 of the amending Act) by Finance Act 2004 (c. 12), Sch. 41 para. 1"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Word in Sch. 15 para. 14(1)(a) inserted (with effect in accordance with Sch. 24 para. 11(2)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 9(2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 15 para. 14(4) repealed (with effect in accordance with s. 72(13)(14) of the amending Act) by Finance Act 2007 (c. 11), s. 72(6)(a), Sch. 27 Pt. 4(1) (with s. 72(2)(16)(17))"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Sch. 15 para. 14(3A)-(3C) inserted (with effect in accordance with s. 97(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 31 para. 1(2)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Words in Sch. 15 para. 14(5) substituted (with effect in accordance with s. 97(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 31 para. 1(3)(a)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Word in Sch. 15 para. 14(5)(a) inserted (with effect in accordance with s. 97(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 31 para. 1(3)(b)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Sch. 15 para. 14(5)(c) and word inserted (with effect in accordance with s. 97(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 31 para. 1(3)(c)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Sch. 15 para. 14(5A) inserted (with effect in accordance with s. 97(2) of the amending Act) by Finance Act 2008 (c. 9), Sch. 31 para. 1(4)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Sch. 15 para. 14(8) inserted (with effect in accordance with Sch. 24 para. 11(2)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 9(3)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Sch. 15 para. 14(9) inserted (with effect in accordance with s. 72(13)(14) of the amending Act) by Finance Act 2007 (c. 11), s. 72(6)(b) (with s. 72(2)(16)(17))"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Sch. 15 para. 14 heading substituted (with effect in accordance with Sch. 24 para. 11(2)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 9(1)"
    },
    {
      "type": "F",
      "label": "F12",
      "text": "Words in Sch. 15 para. 14 cross-heading repealed (with effect in accordance with s. 72(13)(14) of the amending Act) by Finance Act 2007 (c. 11), s. 72(6)(b), Sch. 27 Pt. 4(1) (with s. 72(2)(16)(17))"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "Sch. 15 para. 14 excluded (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 28(2)(d) (with reg. 63)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/schedule/15/paragraph/14",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}