# Finance Act 2003, Paragraph 19: Transfer of chargeable interest from a partnership: chargeable consideration including rent

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

(1) This paragraph applies in relation to a transaction to which paragraph 18 applies where the whole or part of the chargeable consideration for the transaction is rent.
(2) Schedule 5 (amount of tax chargeable: rent) has effect with the modifications set out in sub-paragraphs (2A) to (2C).
(2A) In paragraph 2—
(a) for “the net present value of the rent payable over the term of the lease” substitute “ the relevant chargeable proportion of the net present value of the rent payable over the term of the lease ”, and
(b) for “the net present values of the rent payable over the terms of all the leases” substitute “ the relevant chargeable proportions of the net present values of the rent payable over the terms of all the leases ”.
(2B) In paragraph 9A(6) —
(a) for “the annual rent” substitute “ the relevant chargeable proportion of the annual rent ”, and
(b) for “the total of the annual rents” substitute “ the relevant chargeable proportion of the total of the annual rents ”.
(2C) For paragraph 9(4) substitute—
“(4) Tax chargeable under this Schedule is in addition to any tax chargeable under section 55 or 74(1A) or Schedule 4A ... as they have effect by virtue of paragraph 18 of Schedule 15.”.
(2D) For the purposes of sub-paragraphs (2A) and (2B) the relevant chargeable proportion is—
(100-SLP)%where SLP is the sum of the lower proportions.
(8) Paragraph 20 provides for determining the sum of the lower proportions.
(9) This paragraph is subject to paragraph 24.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/15/paragraph/19 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-15/paragraph-19
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.