Special provisions relating to partnerships: Transfers of a chargeable interest from a partnership
A partnership owns a chargeable interest (a freehold property, for example) which it wishes to transfer to a partner, individual A. There are two other partners, individuals B and C. None of the partners are connected to each other for the purposes of schedule 15. Partner A’s partnership share is 30%.
The sum of the lower proportions calculated in accordance with Para20 is 30 - see SDLTM33750. As a result, the chargeable consideration for the purposes of SDLT is (100-30) %, that is 70%.
This equates to the additional proportion of the chargeable interest acquired by Partner A which is identical to the proportion of the chargeable interest previously held by Partners B and C through their interest in the partnership.