Commentary on Sections Schedule 7– Partnerships Part 9 - Application of exemptions, reliefs, provisions of TCMA and notification provisions
294.Part 9 makes provision for the application of exemptions and reliefs, and sets out the notification requirements in respect of transactions to which this Schedule applies.
295.Paragraphs 40 and 41 modify group relief as set out in Schedule 16 for the purposes of partnership transactions. Paragraph 42 modifies charities relief (Schedule 18) for the purposes of partnership transactions.
296.Paragraph 44 provides that a chargeable transaction (as provided for under paragraph 18 or 34) is a notifiable transaction when the consideration exceeds the threshold for the zero rate tax band.