{
  "url": "https://openlegislation.uk/finance-act-2003/schedule-15/paragraph-33",
  "json_url": "https://openlegislation.uk/finance-act-2003/schedule-15/paragraph-33.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "schedule/15/paragraph/33",
  "kind": "paragraph",
  "number": "33",
  "heading": null,
  "text": "(1) This paragraph applies where stamp duty under Part 1 of Schedule 13 to the Finance Act 1999 (transfer on sale) is, apart from this paragraph, chargeable on an instrument effecting a transfer of an interest in a partnership.\n(1A) If the relevant partnership property does not include any relevant securities, no stamp duty shall (subject to sub-paragraph (8)) be chargeable on the instrument.\n(3) If the relevant partnership property includes relevant securities, the stamp duty chargeable on the instrument shall not exceed the stamp duty that would be chargeable if—\n(a) the instrument were an instrument effecting a transfer of ... those securities, and\n(b) the consideration for the transfer were equal to the appropriate proportion of the net market value of ... those securities immediately after the transfer.\n(3A) The “relevant partnership property”, in relation to a transfer of an interest in a partnership, is the partnership property immediately after the transfer, other than any partnership property that was transferred to the partnership in connection with the transfer.\n(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(5) The appropriate proportion is—\n(a) if the person acquiring the interest in the partnership was not a partner before the transfer, his partnership share immediately after the transfer;\n(b) if he was a partner before the transfer, the difference between his partnership share before and after the transfer.\n(6) The net market value of relevant securities at a particular date is—\nMV-SLwhere—\nMV is the market value of the relevant securities at that date, and\nSL is the amount outstanding at that date on any loan secured solely on the relevant securities.\n(7) If, in relation to any relevant securities, SL is greater than MV, the net market value of the relevant securities shall be taken to be nil.\n(8) Where this paragraph applies in relation to an instrument, the instrument shall not be regarded as duly stamped unless it has been stamped in accordance with section 12 of the Stamp Act 1891.\n(8A) In this paragraph “relevant securities” means stock or marketable securities other than any stock or marketable securities admitted to trading on a recognised growth market but not listed on any market.\n(9) This paragraph shall be construed as one with the Stamp Act 1891.",
  "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": "Sch. 15 para. 33(1)(1A) substituted for Sch. 15 para. 33(1)(2) (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(2)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "Word in Sch. 15 para. 33(1A) substituted (with effect in accordance with Sch. 24 para. 12(4) of the amending Act) by Finance Act 2014 (c. 26), Sch. 24 para. 11(3)(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in Sch. 15 para. 33(3) inserted (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(3)(a)"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "Word in Sch. 15 para. 33(3) substituted (with effect in accordance with Sch. 24 para. 12(4) of the amending Act) by Finance Act 2014 (c. 26), Sch. 24 para. 11(3)(b)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "Words in Sch. 15 para. 33(3) omitted (with effect in accordance with Sch. 24 para. 12(4) of the amending Act) by virtue of Finance Act 2014 (c. 26), Sch. 24 para. 11(3)(c)"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in Sch. 15 para. 33(3)(a) substituted (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(3)(b)"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Sch. 15 para. 33(3)(b) substituted (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(3)(c)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "Sch. 15 para. 33(3A) inserted (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(4)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Sch. 15 para. 33(4) repealed (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(5), Sch. 11 Pt. 3(1)"
    },
    {
      "type": "F",
      "label": "F11",
      "text": "Words in Sch. 15 para. 33(5) substituted (with effect in accordance with Sch. 10 para. 22(4) of the amending Act) by Finance (No. 2) Act 2005 (c. 22), Sch. 10 para. 21(6)"
    },
    {
      "type": "F",
      "label": "F12",
      "text": "Word in Sch. 15 para. 33(6) substituted (with effect in accordance with Sch. 24 para. 12(4) of the amending Act) by Finance Act 2014 (c. 26), Sch. 24 para. 11(3)(d)"
    },
    {
      "type": "F",
      "label": "F13",
      "text": "Word in Sch. 15 para. 33(7) substituted (with effect in accordance with Sch. 24 para. 12(4) of the amending Act) by Finance Act 2014 (c. 26), Sch. 24 para. 11(3)(e)"
    },
    {
      "type": "F",
      "label": "F14",
      "text": "Sch. 15 para. 33(8A) inserted (with effect in accordance with Sch. 24 para. 12(4) of the amending Act) by Finance Act 2014 (c. 26), Sch. 24 para. 11(3)(f)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/schedule/15/paragraph/33",
    "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."
}