Special provisions relating to partnerships: Notification of partnership transactions
Where the chargeable consideration computed in accordance with the rules within Part 3 exceeds the limits set in FA03/S77A, the purchaser is required to submit an SDLT return within the time limit specified in FA03/S76 - see SDLTM00330
Para 30 sets out how this rule applies to transactions within Para14 and Para17.
A transaction which is a chargeable transaction by virtue of Para 14 or Para17 (transfer of partnership interest) is a notifiable transaction if (but only if) the consideration for the transaction exceeds the zero rate threshold.
The consideration for a transaction exceeds the zero rate threshold if either or both of the following conditions are met—
- the relevant consideration for the purposes of FA03/S55 (amount of tax chargeable: general) is such that the rate of tax chargeable under that section is 1% or higher;
- the relevant rental value for the purposes of FA03/Sch5 (amount of tax chargeable: rent) is such that the rate of tax chargeable under that Schedule is 1% or higher.