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.