Property owned by a partnership, as partnership property. The partnership trades as a veterinary practice and uses the property for its trade. Partners are unconnected and all individuals.
If a retiring partner sells his share of the partnership (and with it his share of the property) to a newly admitted partner, i.e. new partner buys out the 'old' partner, is this exempt from SDLT as a transfer of an interest in a partnership which is not a property-investment partnership? Or does the fact that cash is being paid to the retiree mean SDLT is chargeable?
Does it make a difference if the existing partners buy him out, i.e. the partnership itself buys him out?
Thanks