Land and Buildings Transaction Tax (Scotland) Act 2013 section Schedule 4 paragraph 25

Definition of property trader and principal

Schedule 4 paragraph 25 defines what a "property trader" is and who counts as a "principal" of such an entity for the purposes of the relief provisions.

• A property trader is a company, limited liability partnership, or qualifying partnership that carries on the business of buying and selling dwellings.
• Only certain types of entity can be property traders: companies, LLPs, or partnerships where every partner is itself a company or LLP.
• Individuals, sole traders, and ordinary partnerships involving individuals cannot qualify as property traders under these rules.
• A "principal" means a director (for a company), a member (for an LLP), or a partner or principal of a partner (for a qualifying partnership).