Definition of a property investment partnership (PIP)

Part 7 of Sch. 17 governs the taxation of partnership interests in a firm classified as a PIP.

The definition of a PIP is given under para. 31, which states a PIP as:

(1)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)‘chargeable interests’ is to include any interest which would be a chargeable interest but for the fact that it relates to land outwith Scotland;

(3)‘construction operations’ has the meaning given under Finance Act 2004, s. 74.

Points to note:

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