Stamp duty continues to apply to an instrument effecting the transfer of a partnership interest, but only where the partnership property includes stock or marketable securities other than growth-market shares (FA 2003, Sch. 15, para. 31(1), 33(1), (8), (8A)).

There is considered to be a transfer of a partnership interest to a person whenever that person acquires or increases a partnership share from the other partners (FA 2003, Sch. 15, para. 36).

A person’s partnership share is the proportion in which that person is entitled to share in the income profits of the partnership (FA 2003, Sch. 15, para. 34(2)).

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