SCHEDULE 4Relief for certain acquisitions of residential property
PART 6Interpretation
25Meaning of “property trader” and “principal”
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.