Ordinary partnership transactions: Example 1
A partnership between A, B and C buy a property on 1st May 2009. Partners A, B and C are the responsible partners at the relevant time (the effective date of the transaction, (Para 6(2)(a). The SDLT return is due within 30 days of 1st May (FA03/S76).
Partner D joins the partnership on 18th May 2009 and the SDLT return for the purchase is made on 20th May.
Partner D is a responsible partner in respect of this transaction as he became a partner after the effective date. However, he has no liability for any tax due as this cannot be recovered from a person who did not become a responsible partner until after the effective date (para7 (1A).
However, if a penalty arose, Partner D would have a joint and several liability with A, B and C if he were a partner when the omission resulting in the penalty occurred (Para7). See example 2 at SDLTM33270.