[Part 3 Transactions to Which Special Provisions Apply]
Finance Act 2003 (2003 c 14) | Legislation

[Part 3 Transactions to Which Special Provisions Apply]

[Introduction

9

(1)     This Part of this Schedule applies to certain transactions involving—

(a)     the transfer of a chargeable interest to a partnership (paragraph 10),

(b)     the transfer of an interest in a partnership (paragraphs 14, 17, 31 and 32), or

(c)     the transfer of a chargeable interest from a partnership (paragraph 18).

(2)     References in this Part of this Schedule to the transfer of a chargeable interest include—

(a)     the grant or creation of a chargeable interest,

(b)     the variation of a chargeable interest, and

(c)     the surrender, release or renunciation of a chargeable interest.

Transfer of chargeable interest to a partnership: general

10

(1)     This paragraph applies where—

(a)     a partner transfers a chargeable interest to the partnership, or

(b)     a person transfers a chargeable interest to a partnership in return for an interest in the partnership, or

(c)     a person connected with—

(i)     a partner, or

(ii)     a person who becomes a partner as a result of or in connection with the transfer,

transfers a chargeable interest to the partnership.

It applies whether the transfer is in connection with

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