1212. Transfer of a chargeable interest to or from a partnership.

Where:

  1.  

    (1)     a partner transfers a chargeable interest to the partnership1; or

  2.  

    (2)     a person transfers a chargeable interest to a partnership in return for an interest in the partnership; or

  3.  

    (3)     a person connected2 with a partner, or with a person who becomes a partner as a result of or in connection with the transfer, transfers a chargeable interest to the partnership,

the chargeable consideration for the transaction is taken for the purposes of the stamp duty land tax provisions3 to be equal to the percentage resulting from multiplying the market value (MV)4 of the interest transferred by (100