Part 16Income Tax Acts definitions etc
Chapter 1Definitions
1004Meaning of “property investment LLP”
(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.