1In this Part of this Act a “partnership” means—
(a)a partnership within the Partnership Act 1890 (c. 39),
(b)a limited partnership registered under the Limited Partnerships Act 1907 (c. 24), or
(c)a limited liability partnership formed under the Limited Liability Partnerships Act 2000 (c. 12) or the Limited Liability Partnerships Act (Northern Ireland) 2002 (c. 12 (N. I.)),
or a firm or entity of a similar character to any of those mentioned above formed under the law of a country or territory outside the United Kingdom.
2(1)For the purposes of this Part of this Act—
(a)a chargeable interest held by or on behalf of a partnership is treated as held by or on behalf of the partners, and
(b)a land transaction entered into for the purposes of a partnership is treated as entered into by or on behalf of the partners,
and not by or on behalf of the partnership as such.
(2)Sub-paragraph (1) applies notwithstanding that the partnership is regarded as a legal person, or as a body corporate, under the law of the country or territory under which it is formed.
3For the purposes of this Part of this Act a partnership is treated as the same partnership notwithstanding a change in membership if any person who was a member before the change remains a member after the change.
4A partnership is not to be regarded for the purposes of this Part of this Act as a unit trust scheme or an open ended investment company.