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No. 205, in page 579, line 33, leave out 'interest in land' and insert 'chargeable interest'.
No. 206, in page 579, line 41, leave out
'not a notifiable transaction unless'
and insert
'a notifiable transaction if (but only if)'.
No. 207, in page 580, line 20, leave out 'paragraph 24' and insert 'paragraphs 24 and 24A'.
No. 208, in page 580, line 26, leave out 'an interest in land' and insert 'a chargeable interest'.
7 Jul 2004 : Column 957
No. 209, in page 580, line 29, leave out 'interest in land' and insert 'chargeable interest'.
No. 210, in page 580, line 44, leave out 'an interest in land' and insert 'a chargeable interest'.
No. 211, in page 581, line 1, leave out 'interest in land' and insert 'chargeable interest'.
No. 212, in page 581, line 4, leave out 'interest in land' and insert 'chargeable interest'.
No. 213, in page 581, line 5, leave out 'an interest in land' and insert 'a chargeable interest'.
No. 214, in page 581, line 6, leave out 'interest in land' and insert 'chargeable interest'.
No. 215, in page 581, line 12, at end insert—
'24A (1) This paragraph applies where—
(a) stamp duty under Part 1 of Schedule 13 to the Finance Act 1999 (transfer on sale) is chargeable on an instrument effecting a transfer of an interest in a partnership, and
(b) the relevant partnership property includes stock or marketable securities.
(2) The relevant partnership property, in relation to a transfer of an interest in a partnership, is the partnership property immediately after the transfer, other than any partnership property that was transferred to the partnership in connection with the transfer.
(3) The stamp duty chargeable on the instrument shall not exceed the stamp duty that would be chargeable if—
(a) the instrument were an instrument effecting a transfer of the stock and marketable securities comprised in the relevant partnership property, and
(b) the consideration for the transfer were equal to the net market value of that stock and those securities immediately after the transfer, less the excluded amount.
(4) The excluded amount is a proportion of the net market value of that stock and those securities immediately after the transfer.
(5) That proportion is—
(a) if the person acquiring the interest in the partnership was not a partner before the transfer, his partnership share immediately after the transfer;
(b) if he was a partner before the transfer, the difference between his partnership share before and after the transfer.
(6) The net market value of stock or securities at a particular date is— MV - SL
where—
MV is the market value of the stock or securities at that date, and
SL is the amount outstanding at that date on any loan secured solely on the stock or securities.
(7) If, in relation to any stock or securities, SL is greater than MV, the net market value of the stock or securities shall be taken to be nil.
(8) Where this paragraph applies in relation to an instrument, the instrument shall not be regarded as duly stamped unless it has been stamped in accordance with section 12 of the Stamp Act 1891.
(9) This paragraph shall be construed as one with the Stamp Act 1891.'.
No. 216, in page 581, line 24, leave out first 'an interest in land' and insert 'a chargeable interest'.
No. 217, in page 581, line 24, leave out second 'an interest in land' and insert 'a chargeable interest'.
7 Jul 2004 : Column 958
No. 218, in page 581, line 35, at end insert—
'Interpretation: transfer of chargeable interest from a partnership
27A For the purposes of this Part of this Schedule, there is a transfer of a chargeable interest from a partnership in any case where—
(a) a chargeable interest that was partnership property ceases to be partnership property, or
(b) a chargeable interest is granted or created out of partnership property and the interest is not partnership property. Interpretation: market value of leases 27B (1) This paragraph applies in relation to a lease for the purposes of this Part of this Schedule if—
(a) the grant of the lease is or was a transaction to which paragraph 10 applies or applied (or a transaction to which paragraph 10 would have applied if that paragraph had been in force at the time of the grant), or
(b) the grant of the lease is a transaction to which paragraph 16 applies.
(2) In determining the market value of the lease, an obligation of the tenant under the lease is to be taken into account if (but only if)—
(a) it is an obligation such as is mentioned in paragraph 10(1) of Schedule 17A, or
(b) it is an obligation to make a payment to a person.'.
No. 219, in page 581, line 38, at end insert—
'(2) As applied by sub-paragraph (1), that section has effect with the omission of subsection (4) (partners connected with each other).'.
No. 220, in page 582, line 14, leave out
'partnership transactions the effective date of which'
and insert
'any partnership transaction of which the effective date (within the meaning of Part 4 of the Finance Act 2003 (c. 14))'.
No. 221, in page 582, line 19, leave out sub-paragraph (3).—[Dawn Primarolo.]
Clause 299
Amendment made: No. 222, in page 254, line 39, leave out from 'of' to end of line 40.—[Dawn Primarolo.]
New Schedule 1
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