New queries, issue 4232

Partnership dissolution

I am dealing with the dissolution of a family farming partnership of three brothers where one (the continuing farmer) will receive the farmland belonging to the partnership in satisfaction of his partnership capital account.

I am aware that as all the parties are connected a transfer from a continuing partnership would not result in a stamp duty land tax charge. However is the position any different if the transfer is in connection with dissolving the partnership?

FA 2003 Sch 15 para 18(7) appears to suggest that it is not. Will any delay in transferring the land mean that it is not treated as made out of a partnership (that no longer exists) i.e. a transfer by individuals for consideration?

Also what happens if the assets cannot be distributed straight away and the land is rented to the...