SDLTM33000 - Application

Partnerships: General FA03/S104 and FA03/SCH15

FA03/S104 and FA03/SCH15 set out the responsibilities of partners and how stamp duty land tax applies in relation to the acquisition of interests in land by partners or partnerships and excludes certain transactions relating to partnerships from stamp duty land tax.

A partnership is defined as

• any partnership within the Partnership Act 1890
• a limited partnership registered under the Limited Partnerships Act 1907
• a limited liability partnership formed under the Limited Liability Partnerships Act 2000 or the Limited Liability Partnerships Act (Northern Ireland) 2002.

It also extends to a firm or entity of similar character to any of the aforementioned formed under the law of a country or territory outside the UK.

A chargeable interest held by or on behalf of a partnership is treated as being held by or on behalf of the partners. Likewise a land transaction entered into for the purposes of a partnership is treated as entered into by or on behalf of the partners, and not by or on behalf of the partnership as such. This applies notwithstanding that the partnership is regarded as a legal person, or as a body corporate, under the law of the country or territory under which it is formed.

A partnership shall be treated as continuing despite a change in membership as long as one partner remains after the change.

A partnership is not to be regarded as a unit trust scheme or an open-ended investment company.