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No. 195, in page 577, line 12, after second 'the' insert 'relevant'.

No. 196, in page 577, line 16, after second 'the' insert 'relevant'.

No. 197, in page 577, line 20, leave out from second 'to' to end of line 22 and insert—

   '— (RCPXMV)+(RCPXAC)    where—

RCP is the relevant chargeable proportion,

MV is the market value of the interest transferred, and

AC is the actual chargeable consideration other than rent.'.

No. 198, in page 577, leave out lines 28 to 30 and insert—

   '— RCPXMV    where—

RCP is the relevant chargeable proportion, and

MV is the market value of the interest transferred.'.

No. 199, in page 577, line 30, at end insert—

'(7)   The relevant chargeable proportion in relation to—

(a)   the net present value of the rent payable over the term of a lease, or

(b)   the market value of the interest transferred,

is— (100—SLP)% where SLP is the sum of the lower proportions.

(8)   The relevant chargeable proportion in relation to the actual consideration other than rent is— SLP% where SLP is the sum of the lower proportions.

(9)   Paragraph 17A provides for determining the sum of the lower proportions.

(10)   This paragraph is subject to paragraph 17E.'.

No. 200, in page 577, line 30, at end insert—

'Transfer of chargeable interest from a partnership: sum of the lower proportions

17A   (1)   The sum of the lower proportions in relation to a transaction to which paragraph 16 applies is determined as follows:—

   Step One

   Identify the relevant owner or owners.

   A person is a relevant owner if—

(a)   immediately after the transaction, he is entitled to a proportion of the chargeable interest, and

(b)   immediately before the transaction, he was a partner or connected with a partner.

   Step Two

   For each relevant owner, identify the corresponding partner or partners.

   A person is a corresponding partner in relation to a relevant owner if, immediately before the transaction—

(a)   he was a partner, and

(b)   he was the relevant owner or was connected with the relevant owner.

 
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   Step Three

   For each relevant owner, find the proportion of the chargeable interest to which he is entitled immediately after the transaction.

   Apportion that proportion between any one or more of the relevant owner's corresponding partners.

   Step Four

   Find the lower proportion for each person who is a corresponding partner in relation to one or more relevant owners.

   The lower proportion is—

(a)   the proportion of the chargeable interest attributable to the partner, or

(b)   if lower, the partnership share attributable to the partner.

   The proportion of the chargeable interest attributable to the partner is—

(a)   if he is a corresponding partner in relation to only one relevant owner, the proportion (if any) of the chargeable interest apportioned to him (at Step Three) in respect of that owner;

(b)   if he is a corresponding partner in relation to more than one relevant owner, the sum of the proportions (if any) of the chargeable interest apportioned to him (at Step Three) in respect of each of those owners.

   Paragraph 17B provides for determining the partnership share attributable to the partner.

   Step Five

   Add together the lower proportions of each person who is a corresponding partner in relation to one or more relevant owners.

   The result is the sum of the lower proportions.

(2)   For the purposes of this paragraph persons who are entitled to a chargeable interest as beneficial joint tenants (or, in Scotland, as joint owners) shall be taken to be entitled to the chargeable interest as beneficial tenants in common (or, in Scotland, as owners in common) in equal shares. Transfer of chargeable interest from a partnership: partnership share attributable to partner 17B   (1)   This paragraph provides for determining the partnership share attributable to a partner for the purposes of paragraph 17A(1) (see Step Four).

(2)   Paragraph 17C applies for determining the partnership share attributable to a partner where—

(a)   the effective date of the transfer of the relevant chargeable interest to the partnership was before 20th October 2003, or

(b)   the effective date of the transfer of the relevant chargeable interest to the partnership was on or after that date and—

(i)   the instrument by which the transfer was effected has been duly stamped with ad valorem stamp duty, or

(ii)   any tax payable in respect of the transfer has been duly paid under this Part.

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