SCHEDULES
SCHEDULE 31Stamp duty land tax: special provisions for property-investment partnerships
Part 2Elections in respect of interest transferred to partnership
Election when interest transferred to partnership
5
In paragraph 10 of Schedule 15 to FA 2003 (transfer of chargeable interest to partnership: general) insert at the end—
8
This paragraph has effect subject to any election under paragraph 12A.
6
After paragraph 12 insert—
Election by property-investment partnership to disapply paragraph 10
12A
1
Paragraph 10 does not apply to a transfer of a chargeable interest to a property-investment partnership if the purchaser in relation to the transaction elects for that paragraph not to apply.
2
Where an election under this paragraph is made in respect of a transaction—
a
paragraph 18 (if relevant) is also disapplied,
b
the chargeable consideration for the transaction shall be taken to be the market value of the chargeable interest transferred, and
c
the transaction falls within Part 2 of this Schedule.
3
An election under this paragraph must be included in the land transaction return made in respect of the transaction or in an amendment of that return.
4
Such an election is irrevocable and a land transaction return may not be amended so as to withdraw the election.
5
Where an election under this paragraph in respect of a transaction (the “main transaction”) is made in an amendment of a land transaction return—
a
the election has effect as if it had been made on the date on which the land transaction return was made, and
b
any land transaction return in respect of an affected transaction may be amended (within the period allowed for amendment of that return) to take account of that election.
6
In sub-paragraph (5) “affected transaction”, in relation to the main transaction, means a transaction—
a
to which paragraph 14 applied, and
b
with an effective date on or after the effective date of the main transaction.
7
In this paragraph “property-investment partnership” has the meaning given in paragraph 14(8).
7
In paragraph 18 of that Schedule (transfer of chargeable interest from a partnership) insert at the end—
8
This paragraph has effect subject to any election under paragraph 12A.
Consequential provision
8
In paragraph 17A(1) of that Schedule (withdrawal of money etc from partnership after transfer of chargeable interest), after paragraph (c) insert—
d
at the time of the qualifying event, an election has not been made in respect of the land transfer under paragraph 12A.
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