§ MV is the market value of the stock or securities at that date, and
§ SL is the amount outstanding at that date on any loan secured solely on the stock or securities.
§ (7) If, in relation to any stock or securities, SL is greater than MV, the net market value of the stock or securities shall be taken to be nil.
§ No. 216, in page 581, line 24, leave out first 'an interest in land' and insert 'a chargeable interest'.
§ No. 217, in page 581, line 24, leave out second 'an interest in land' and insert 'a chargeable interest'.958
§ No. 218, in page 581, line 35, at end insert— Interpretation: transfer of chargeable interest from a partnership
§ 27A For the purposes of this Part of this Schedule, there is a transfer of a chargeable interest from a partnership in any case where—
- a chargeable interest that was partnership property ceases to be partnership property, or
- a chargeable interest is granted or created out of partnership property and the interest is not partnership property.
§ Interpretation: market value of leases
§ 27B (1) This paragraph applies in relation to a lease for the purposes of this Part of this Schedule if—
- the grant of the lease is or was a transaction to which paragraph 10 applies or applied (or a transaction to which paragraph 10 would have applied if that paragraph had been in force at the time of the grant), or
- the grant of the lease is a transaction to which paragraph 16 applies.
§ (2) In determining the market value of the lease, an obligation of the tenant under the lease is to be taken into account if (but only if)—
- it is an obligation such as is mentioned in paragraph 10(1) of Schedule 17A, or
- (b) it is an obligation to make a payment to a person.'.
§ No. 219, in page 581, line 38, at end insert—
'(2) As applied by sub-paragraph (1), that section has effect with the omission of subsection (4) (partners connected with each other).'.
§ No. 220, in page 582, line 14, leave out
'partnership transactions the effective date of which'
'any partnership transaction of which the effective date (within the meaning of Part 4 of the Finance Act 2003 (c. 14))'.
§ No. 221, in page 582, line 19, leave out sub-paragraph (3).—[Dawn Primarolo.]