# Finance Act 2003, Paragraph 24: Transfer of chargeable interest from a partnership consisting wholly of bodies corporate

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

(1) This paragraph applies where—
(a) there is a transaction to which paragraph 18 applies;
(b) immediately before the transaction all the partners are bodies corporate;
(c) the sum of the lower proportions is 75 or more.
(2) Paragraphs 18, 19 and 23 have effect with these modifications.
(3) In paragraph 18, for sub-paragraphs (2) and (5) substitute—
“(2) The chargeable consideration for the transaction shall be taken to be equal to the market value of the interest transferred.”.
(4A) In paragraph 19(2), for “sub-paragraphs (2A) to (2C)” substitute “ sub-paragraph (2C) ”.
(5) In paragraph 19, omit sub-paragraphs (2A), (2B), (2D) and (8).
(9) Paragraph 20 provides for determining the sum of the lower proportions.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/15/paragraph/24 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-15/paragraph-24
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.