Paragraph 23 Transfer of chargeable interest from a partnership to a partnershipF1

United Kingdom

(1)

This paragraph applies where—

(a)

there is a transfer of a chargeable interest from a partnership to a partnership, and

(b)

the transfer is both—

(i)

a transaction to which paragraph 10 applies, and

(ii)

a transaction to which paragraph 18 applies.

(F22)

Paragraphs 10(2) and 18(2) do not apply.

(2A)

The chargeable consideration for the transaction shall be taken to be what it would have been if paragraph 10(2) had applied or, if greater, what it would have been if paragraph 18(2) had applied.

(3)

Where the whole or part of the chargeable consideration for the transaction is rent—

(a)

paragraphs 11 and 19 do not apply;

(b)

the tax chargeable in respect of so much of the chargeable consideration as consists of rent shall be taken to be what it would have been if paragraph 11 had applied or, if greater, what it would have been if paragraph 19 had applied;

(c)

the disapplication of the 0% band provided for by paragraph F39A of Schedule 5 has effect if—

(i)

it would have had effect if paragraph 11(2B) of this Schedule had applied, or

(ii)

it would have had effect if paragraph 19(2B) of this Schedule had applied.

Annotations

Textual amendments

F1: 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
F2: Sch. 15 para. 23(2)-(3) substituted for Sch. 15 para. 23(2)(3) (with effect in accordance with Sch. 24 para. 11(1)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 8
F3: Word in Sch. 15 para. 23(3)(c) substituted (with effect in accordance with s. 95(13) of the amending Act) by Finance Act 2008 (c. 9), s. 95(11)(c)