Where stamp duty in respect of a transfer on sale is chargeable under FA 1999, Sch. 13, Pt. I on an instrument effecting the transfer of a partnership interest (see ¶400-500), the consideration for the transaction, on which the ad valorem duty is based, is reduced where the ‘relevant partnership property’ includes a ‘chargeable interest’ (FA 2003, Sch. 15, para. 32(1)). Let us suppose for what follows, that the person to whom the interest is transferred (the acquirer of the interest) is P.

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

No subscription?

Contact us to discuss your requirements.