§ 3 (1) There is a transfer of an interest in a partnership for the purposes of this Schedule if there is such a transfer for the purposes of Part 3 of Schedule 15 (see paragraph 27 of that Schedule).
§ (2) Paragraph 25(1) of Schedule 15 (meaning of references to partnership property) applies for the purposes of this Schedule as it applies for the purposes of Part 3 of that Schedule.".'.
§ No. 204, in page 579, line 30, leave out 'interest in land' and insert 'chargeable interest'.
§ No. 205, in page 579, line 33, leave out 'interest in land' and insert 'chargeable interest'.
§
No. 206, in page 579, line 41, leave out
'not a notifiable transaction unless'
and insert
'a notifiable transaction if (but only if)'.
§ No. 207, in page 580, line 20, leave out 'paragraph 24' and insert 'paragraphs 24 and 24A'.
§ No. 208, in page 580, line 26, leave out 'an interest in land' and insert 'a chargeable interest'.
957§ No. 209, in page 580, line 29, leave out 'interest in land' and insert 'chargeable interest'.
§ No. 210, in page 580, line 44, leave out 'an interest in land' and insert 'a chargeable interest'.
§ No. 211, in page 581, line 1, leave out 'interest in land' and insert 'chargeable interest'.
§ No. 212, in page 581, line 4, leave out 'interest in land' and insert 'chargeable interest'.
§ No. 213, in page 581, line 5, leave out 'an interest in land' and insert 'a chargeable interest'.
§ No. 214, in page 581, line 6, leave out 'interest in land' and insert 'chargeable interest'.
§ No. 215, in page 581, line 12, at end insert—
§ '24A (1) This paragraph applies where—
- stamp duty under Part 1 of Schedule 13 to the Finance Act 1999 (transfer on sale) is chargeable on an instrument effecting a transfer of an interest in a partnership, and
- the relevant partnership property includes stock or marketable securities.
§ (2) The relevant partnership property, in relation to a transfer of an interest in a partnership, is he partnership property immediately after the transfer, other than any partnership property that was transferred to the partnership in connection with the transfer.
§ (3) The stamp duty chargeable on the instrument shall not exceed the stamp duty that would be chargeable if—
- the instrument were an instrument effecting a transfer of the stock and marketable securities comprised in the relevant partnership property, and
- the consideration for the transfer were equal to the net market value of that stock and those securities immediately after the transfer, less the excluded amount.
§ (4) The excluded amount is a proportion of the net market value of that stock and those securities immediately after the transfer.
§ (5) That proportion is—
- if the person acquiring the interest in the partnership was not a partner before the transfer, his partnership share immediately after the transfer;
- if he was a partner before the transfer, the difference between his partnership share before and after the transfer.
§ (6) The net market value of stock or securities at a particular date is—