Land and Buildings Transaction Tax (Scotland) Act 2013 section Sch 17 para 12

Transfers of chargeable interests to partnerships

Schedule 17 paragraph 12 sets out the circumstances in which Part 4 of Schedule 17 applies, covering transfers of land or property interests into a partnership.

• Part 4 applies when a partner transfers a chargeable interest (such as land or property) to their partnership
• It also applies when someone transfers a chargeable interest to a partnership in exchange for becoming a partner or acquiring a partnership interest
• The rules extend to transfers made by persons connected with an existing partner or someone who becomes a partner as a result of or in connection with the transfer
• These provisions apply equally whether the transfer occurs on the formation of a new partnership or to an already existing partnership, but may be disapplied if a property investment partnership elects under paragraph 35