Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 45

Partnership property and partnership shares

Section 45 of Schedule 7 defines two key terms used throughout the partnership provisions: "partnership property" and "partnership share".

• Partnership property means any interest or right held by or on behalf of a partnership (or its members) for the purposes of the partnership business.
• A person's partnership share is their proportionate entitlement to the income profits of the partnership at any given time.
• These definitions apply consistently throughout Schedule 7 whenever either term is used.
• The partnership share percentage is central to many of the land transaction tax calculations involving partnerships.