SCHEDULE 7PARTNERSHIPS
PART 9APPLICATION OF EXEMPTIONS, RELIEFS, PROVISIONS OF TCMA AND NOTIFICATION PROVISIONS
Application of group relief
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1
Schedule 16 (group relief) applies to—
a
a transaction to which paragraph 13 applies, and
b
a transaction that is a chargeable transaction by virtue of paragraph 18,
with the following modifications.
2
Paragraph 8 has effect as if—
a
in sub-paragraph (2)(a), for ““the buyer”” there were substituted “
a partner who was a partner at the effective date of the relieved transaction (““the relevant partner””)
”
;
b
for sub-paragraph (2)(b) there were substituted—
b
at the time the relevant partner ceases to be a member of the same group as the seller (“"the relevant time””), a chargeable interest is held by or on behalf of the members of the partnership and that chargeable interest—
i
was acquired by or on behalf of the partnership under the relieved transaction, or
ii
is derived from a chargeable interest so acquired,
and has not subsequently been acquired at market value under a chargeable transaction for which group relief was available but was not claimed.
c
in sub-paragraph (4), for the words from ““the transferee company”” to the end there were substituted “
or on behalf of the partnership and to the proportion in which the relevant partner is entitled at the relevant time to share in the income profits of the partnership
”
;
d
in sub-paragraph (5), the definition of ““relevant associated company”” were omitted.
3
Paragraphs 9 to 14 have effect as if for ““the buyer”” (each time it occurs) there were substituted “
the relevant partner
”
.