Paragraph 9

(1)

In paragraph 14 (transfer of partnership interest: consideration given and chargeable interest held), for the heading substitute—

“Transfer for consideration of interest in property-investment partnership”.

(2)

In sub-paragraph (1)(a) of that paragraph, before “partnership” insert “ property-investment ”.

(3)

After sub-paragraph (7) of that paragraph insert—

“(8)
In this paragraph—
“property-investment partnership” means a partnership whose sole or main activity is investing or dealing in chargeable interests (whether or not that activity involves the carrying out of construction operations on the land in question);
“construction operations” has the same meaning as in Chapter 3 of Part 3 of the Finance Act 2004 (see section 74 of that Act).”