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Finance Act 2003

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Changes over time for: Cross Heading: Meaning of “property trader” and “principal”

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Point in time view as at 01/01/2004.

Changes to legislation:

Finance Act 2003, Cross Heading: Meaning of “property trader” and “principal” is up to date with all changes known to be in force on or before 26 July 2025. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations. Help about Changes to Legislation

[F1Meaning of “property trader” and “principal”U.K.

8(1)A “property trader” means—U.K.

(a)a company,

(b)a limited liability partnership, or

(c)a partnership whose members are all either companies or limited liability partnerships,

that carries on the business of buying and selling dwellings.

(2)In relation to a property trader a “principal” means—

(a)in the case of a company, a director;

(b)in the case of a limited liability partnership, a member;

(c)in the case of a partnership whose members are all either companies or limited liability partnerships, a member or a person who is a principal of a member.

(3)For the purposes of this Schedule—

(a)anything done by or in relation to a company connected with a property trader is treated as done by or in relation to that property trader, and

(b)references to the principals or employees of a property trader include the principals or employees of any such company.]

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