Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Partnership definition

What does Partnership mean? A partnership is the common business arrangement where two or more persons run a business together for profit, usually under a firm name and often governed by a partnership agreement. In partnership law, this is the general partnership. The core legal definition comes from the Partnership Act 1890 (PA 1890): the relation subsisting between persons “carrying on a business in common with a view of profit.” Key legal features include: - Agency: each partner is an agent of the firm in the ordinary course of business. - Liability: partners have unlimited liability for partnership debts (joint in England & Wales and Northern...

SDLT on transfers of partnership land to partners and connected persons: SLP calculation, dissolution, LLP incorporation, corporate partnerships, inter-partnership transfers and notification (England and Northern Ireland)

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Practice notes

This Practice Note

This Practice Note sets out the special Stamp Duty Land Tax (SDLT) provisions that apply where an interest in land is transferred from a Partnership to a partner, or to a person connected with a partner, including dealings on the dissolution of a partnership.

Special SDLT Rules apply in the following circumstances:

where a chargeable interest is transferred to a partnership from one or more partners, or persons connected with one or more partners, including transfers on the partnership’s formation
where value is withdrawn from a partnership by certain parties within three years following such a transfer, as referenced in the preceding bullet
where a chargeable interest is transferred from a partnership to one or more partners, or persons connected with one or more partners, including transfers associated with the partnership’s dissolution
where a chargeable interest is transferred from one partnership to another and there are partners in common or partners who are connected

The rules governing these special partnership transactions for SDLT purposes are contained in Part 3 of Schedule 15 to the Finance Act 2003 (FA 2003). Unless otherwise indicated, paragraph references in this Practice Note are to FA 2003, Sch 15...

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Web page updated on 21/05/2026

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