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.