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HMRC internal manual

Stamp Taxes on Shares Manual

HM Revenue & Customs
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Partnerships: Partnerships and partnership interests: nature of a partnership interest

A partnership interest or share is, in law, a separate item of ‘property’ in its own right. A partner cannot claim to be the owner of any particular partnership asset, nor of any specific share of a partnership asset. Rather, a partnership interest represents a right to control the partnership assets and affairs for as long as the partnership lasts and, upon dissolution, a right to have the assets liquidated, the liabilities discharged and a division of any surplus.