Schedule 10, Part 2, paragraph 24

Paragraph 23 does not apply to determine the proceeds from the balancing event if— the relevant interest in the flat is partnership property, and compensating payments are made to one or more, but not both or all, of the partners. Instead, the proceeds from the balancing event are the sum of— any compensating payments made to any of the partners, and in the case of each partner to whom a compensating payment has not been made, his share of the amount which is equal to the residue of qualifying expenditure immediately before the transfer. A partner’s share of that amount is to be determined according to the profit-sharing arrangements for the twelve months ending immediately before the date of the transfer.

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Source: legislation.gov.uk · retrieved 2026-09-04