Land and Buildings Transaction Tax (Scotland) Act 2013 schedule 17 paragraph 31

Property-investment partnership: definition

Paragraph 31 of schedule 17 defines what a "property-investment partnership" means for the purposes of the schedule's special rules on partnership transactions.

• A property-investment partnership is one whose sole or main activity is investing or dealing in chargeable interests (i.e. interests in land and buildings).
• The definition applies even if the partnership carries out construction operations on the land as part of that activity.
• Chargeable interests include interests in land outside Scotland, so a partnership investing mainly in land elsewhere in the UK or abroad can still qualify.
• The meaning of "construction operations" follows the definition used in Chapter 3 of Part 3 of the Finance Act 2004 (the Construction Industry Scheme provisions).