237. Property transferred to a limited liability partnership in connection with its incorporation.

237.     Property transferred to a limited liability partnership in connection with its incorporation.

Stamp duty is not chargeable on an instrument1 by which property is conveyed or transferred by a person to a limited liability partnership ('LLP')2 in connection with its incorporation3 within the period of one year beginning with the date of incorporation if the following two conditions are satisfied4. The first condition is that at the relevant time5 the person: (1) is a partner in a partnership comprised of all the persons who are or are to be members of the limited liability partnership (and