Land and Buildings Transaction Tax (Scotland) Act 2013 Schedule 17 paragraph 46

Transfer of a chargeable interest to a partnership

Paragraph 46 of Schedule 17 defines what constitutes a transfer of a chargeable interest to a partnership for the purposes of the partnership provisions in this schedule.

• This paragraph provides a definition used throughout Schedule 17, which deals with partnership transactions.
• A transfer of a chargeable interest to a partnership occurs whenever a chargeable interest becomes partnership property.
• The definition is deliberately broad — it covers any case where the interest becomes partnership property, regardless of the mechanism by which this happens.
• This means that a formal conveyance or transfer deed is not necessarily required; what matters is that the chargeable interest has become an asset of the partnership.