SCHEDULE 17Partnerships
PART 7Property investment partnerships
Meaning of “property investment partnership”
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1
In this schedule, “ property-investment partnership ” means a partnership whose sole or main activity is investing or dealing in chargeable interests (whether or not that activity involves the carrying out of construction operations on the land in question).
2
For the purposes of sub-paragraph (1) “ chargeable interests ” includes any interest which would be a chargeable interest but for the fact that it relates to land outwith Scotland.
3
In sub-paragraph (1) “ construction operations ” has the same meaning as in Chapter 3 of Part 3 of the Finance Act 2004 (see section 74 of that Act).