SDLTM34030 | Relevant partnership property - Para 14 (5-5A)

What property is taken into account when calculating the chargeable consideration for the transfer of the interest in a property investment partnership depends on whether the transfer is a Type A transfer or a Type B transfer.

Relevant partnership property in relation to a Type A transfer of an interest in a property investment partnership, is every chargeable interest held as partnership property immediately after the transfer, other than

1. any chargeable interest that was transferred to the partnership in connection with the transfer;

2. a lease to which Para15 (exclusion of market rent leases) applies, and

3. any chargeable interest that is not attributable economically to the interest in the partnership that is transferred.

Relevant partnership property in relation to a Type B transfer of an interest in a property investment partnership, is every chargeable interest held as partnership property immediately after the transfer, other than

1. as above

2. as above

3. as above

4. any chargeable interest that was transferred to the partnership on or before 22 July 2004,

5. any chargeable interest in respect of whose transfer to the partnership an election has been made under Para12A, and

6. any other chargeable interest whose transfer to the partnership did not fall within Para10(1)(a)-(c).

The effects of these exceptions is that relevant partnership property for a Type B transfer only includes chargeable interests acquired by the partnership in the circumstances set out in Para10()(a)-(c) - See SDLTM33510