# Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017, Paragraph 37


(1) Where section 16 (exchanges) applies to the acquisition of an interest in a property-investment partnership in consideration of entering into a land transaction with an existing partner, the interest in the partnership is to be treated as a major interest in land, for the purposes of paragraph 5 of Schedule 4 if the relevant partnership property includes a major interest in land.
(2) In sub-paragraph (1), “"relevant partnership property”” has the meaning given by paragraphs 34(6) or (7) (as appropriate, and as read with paragraph 35).
(3) Where this paragraph applies, paragraph 6 of Schedule 4 (partition etc.: disregard of existing interest) does not apply.

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Source: https://www.legislation.gov.uk/anaw/2017/1/schedule/7/paragraph/37 (the official version)
Page: https://openlegislation.uk/land-transaction-tax-and-anti-avoidance-of-devolved-taxes-wales-act-2017/schedule-7/paragraph-37
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.