# Finance Act 2003, Paragraph 16: Partnership interests: application of provisions about exchanges etc.

Extent: E+W+S+N.I.

(1) Where paragraph 5 of Schedule 4 (exchanges) applies to the acquisition of an interest in a partnership in consideration of entering into a land transaction with an existing partner, the interest in the partnership shall be treated as a major interest in land for the purposes of that paragraph if the relevant partnership property includes a major interest in land.
(2) In sub-paragraph (1) “relevant partnership property” has the meaning given by paragraph 14(5) or (5A) (as appropriate).
(3) The provisions of paragraph 6 of Schedule 4 (partition etc: disregard of existing interest) do not apply where this paragraph applies.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/15/paragraph/16 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-15/paragraph-16
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.