1004Meaning of “property investment LLP”U.K.
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(1)In the Income Tax Acts “property investment LLP” means a limited liability partnership—
(a)whose business consists wholly or mainly in the making of investments in land, and
(b)the principal part of whose income is derived from investments in land.
(2)Whether a limited liability partnership is a property investment LLP is determined for each period of account of the partnership.