SCHEDULE 24 Stamp Duty Land Tax: Amendments of Schedule 15 to FA 2003
Finance Act 2006 (2006 c 25) | Legislation

SCHEDULE 24 Stamp Duty Land Tax: Amendments of Schedule 15 to FA 2003

Section 163

Introduction

1

Schedule 15 to FA 2003 (stamp duty land tax: partnerships) is amended as follows.

Transfer of chargeable interest to a partnership

2

(1)     In paragraph 10 (transfer of chargeable interest to a partnership: general), for sub-paragraphs (2) to (4) substitute—

“(2)     The chargeable consideration for the transaction shall (subject to paragraph 13) be taken to be equal to—

MV x (100 - SLP)%

·É³ó±ð°ù±ð—

MV is the market value of the interest transferred, and

SLP is the sum of the lower proportions.â€

(2)     In sub-paragraph (6) of that paragraph, omit “(instead of sub-paragraphs (2) to (5))â€.

3

In paragraph 11 (transfer of chargeable interest to a partnership: chargeable consideration including rent), for sub-paragraphs (2) to (7) substitute—

“(2)     Schedule 5 (amount of tax chargeable: rent) has effect with the modifications set out in sub-paragraphs (2A) to (2C).

(2A)     In paragraph 2—

(a)     for “the net present value of the rent payable over the term of the lease†substitute “the relevant chargeable proportion of the net present value of the rent payable over the term of the leaseâ€,

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