F1SCHEDULE 6ARelief for certain acquistions of residential property
Meaning of “property trader” and “principal”
8
(1)
A “property trader” means—
(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.