¶400-560 Partnership interest: mitigation for property involving land
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.
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