PART XIX SUPPLEMENTAL
Interpretation
F1842B Meaning of “investment LLP” and “property investment LLP”
(1)
In this Act—
(a)
an “investment LLP” means a limited liability partnership whose business consists wholly or mainly in the making of investments and the principal part of whose income is derived therefrom; and
(b)
a “property investment LLP” means a limited liability partnership whose business consists wholly or mainly in the making of investments in land and the principal part of whose income is derived therefrom.
(2)
Whether a limited liability partnership is an investment LLP or a property investment LLP is determined for each period of account of the partnership.
A “period of account” means any period for which accounts of the partnership are drawn up.