Corporation Tax Act 2010 section 1135

Property investment LLP

Section 1135 defines the term "property investment LLP" for corporation tax purposes and explains how and when the definition is applied.

• A property investment LLP is a limited liability partnership whose business consists wholly or mainly of making investments in land.
• The principal part of the LLP's income must be derived from those land investments.
• Both conditions — the nature of the business and the source of income — must be met for an LLP to qualify.
• The determination of whether an LLP is a property investment LLP is made separately for each period of account of the partnership.