SCHEDULE 4Relief for certain acquisitions of residential property
PART 6Interpretation
Meaning of “property trader” and “principal”
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(1)
A “property trader” means an entity listed in sub-paragraph (2) that carries on the business of buying and selling dwellings.
(2)
The entities are—
(a)
a company,
(b)
a limited liability partnership,
(c)
a partnership whose partners are all either companies or limited liability partnerships.
(3)
A “principal”—
(a)
in relation to a company, means a director,
(b)
in relation to a limited liability partnership, means a member,
(c)
in relation to a partnership mentioned in sub-paragraph (2)(c) means a partner or a principal of a partner.