Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 17 paragraph 27

Transfer of chargeable interest from a partnership to a partnership

Paragraph 27 of Schedule 17 deals with how chargeable consideration is calculated when a chargeable interest (such as land or a lease) is transferred from one partnership to another partnership, and the transaction falls within both the rules for transfers into a partnership and the rules for transfers out of a partnership.

• This provision applies where a chargeable interest is transferred from one partnership to another partnership.
• The transaction must fall within both Part 4 (transfers to a partnership) and Part 5 (transfers from a partnership) of Schedule 17.
• The normal chargeable consideration rules under both Part 4 (paragraph 13(1)) and Part 5 (paragraph 21(1)) are disapplied individually.
• Instead, the chargeable consideration is the higher of what it would have been under the Part 4 rules or the Part 5 rules.