{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-15/paragraph-24",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-15/paragraph-24.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/15/paragraph/24",
  "kind": "paragraph",
  "number": "24",
  "heading": "Transfer of chargeable interest from a partnership consisting wholly of bodies corporate",
  "text": "(1) This paragraph applies where—\n(a) there is a transaction to which paragraph 18 applies;\n(b) immediately before the transaction all the partners are bodies corporate;\n(c) the sum of the lower proportions is 75 or more.\n(2) Paragraphs 18, 19 and 23 have effect with these modifications.\n(3) In paragraph 18, for sub-paragraphs (2) and (5) substitute—\n“(2) The chargeable consideration for the transaction shall be taken to be equal to the market value of the interest transferred.”.\n(4A) In paragraph 19(2), for “sub-paragraphs (2A) to (2C)” substitute “ sub-paragraph (2C) ”.\n(5) In paragraph 19, omit sub-paragraphs (2A), (2B), (2D) and (8).\n(9) Paragraph 20 provides for determining the sum of the lower proportions.",
  "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": "Words in Sch. 15 para. 24(3) substituted (with effect in accordance with Sch. 24 para. 11(1)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 7(1)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Sch. 15 para. 24(4A)(5) substituted for Sch. 15 para. 24(4)-(8) (with effect in accordance with Sch. 24 para. 11(1)(4) of the amending Act) by Finance Act 2006 (c. 25), Sch. 24 para. 7(2)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/schedule/15/paragraph/24",
    "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."
}