SCHEDULE 4Relief for certain acquisitions of residential property

PART 6Interpretation

Meaning of “property trader” and “principal”

25(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.