33Certain business assets

33 Certain business assets (1) Duty is payable at the determined rate on a dutiable transaction so far as it is in relation to— (a) a partnership interest so far as it is not— (i) an interest in property mentioned in section 10 (1) (a), (b) or (d); or (ii) an interest in property mentioned in section 10 (1) (i) that is dutiable property mentioned in section 10 (1) (a), (b) or (d); or (b) an interest in property mentioned in section 10 (1) (i), other than an interest in dutiable property mentioned in section 10 (1) (a), (b), or (d). (2) The proportion of the dutiable value of a partnership interest for which duty is payable under subsection (1) (a) is— (a) if no interest in property of a kind mentioned in subsection (1) (a) (i) or (ii) is transferred as a result of the transfer of the partnership interest—the whole of the value of the partnership interest; or

(b) if an interest in property of a kind mentioned in either of those subparagraphs is transferred as a result of the transfer of the partnership interest—the proportion of the value of the partnership interest that is equal to the proportion of so much of the unencumbered value of all the dutiable assets of the partnership as is not constituted by the unencumbered value of the dutiable assets of the partnership that are property of a kind mentioned in either of those subparagraphs.

Special provisions Part 2.4