Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 48

Transfer of interest in a partnership

Section 48 of Schedule 7 defines what constitutes a transfer of an interest in a partnership for the purposes of the partnership rules.

• When a person acquires a share in a partnership, this is treated as a transfer of an interest in the partnership.
• Similarly, when an existing partner increases their share in a partnership, this is also treated as a transfer of interest.
• The transfer is regarded as being made to the partner who acquires or increases their share, and from the other partners in the partnership.
• This definition applies throughout Schedule 7 and underpins the rules on how partnership transactions are taxed for land transaction tax purposes.