Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 47

Transfer of a chargeable interest to a partnership

Section 47 of Schedule 7 defines what constitutes a transfer of a chargeable interest to a partnership for the purposes of the partnership provisions.

• This paragraph provides a broad definition of when a transfer to a partnership is considered to take place.
• A transfer occurs whenever a chargeable interest becomes partnership property, regardless of how that happens.
• The definition is not limited to formal conveyances — any route by which an interest ends up as partnership property counts as a transfer.
• This wide definition is important because it determines when the special partnership land transaction tax rules in Schedule 7 apply.