Paragraph 8 Meaning of “property trader” and “principal”F1

(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.

Annotations

Textual amendments

F1: Sch. 6A inserted (with effect in accordance with Sch. 39 para. 26 of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 17(2) (which amending provision re-enacts, subject to certain changes, a corresponding amendment made by the now revoked Stamp Duty and Stamp Duty Land Tax (Variation of the Finance Act 2003) (No. 2) Regulations 2003 (S.I. 2003/2816), see Sch. 39 para. 14)