# Finance Act 2003, Paragraph 8: Meaning of “property trader” and “principal”


(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.

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Source: https://www.legislation.gov.uk/ukpga/2003/14/schedule/6A/paragraph/8 (the official version)
Page: https://openlegislation.uk/finance-act-2003/schedule-6A/paragraph-8
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.