# Finance Act 2003, Paragraph 23: Transfer of chargeable interest from a partnership to a partnership

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

(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.
(2) 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 9A 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.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/15/paragraph/23 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-15/paragraph-23
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.