The question whether a property owner is trading or investing does not exist in a vacuum, but must be considered in the context of the particular tax issue that needs to be resolved (see comments at 3.2 above):

One must first identify the relevant question; for example ‘Does the property owner have to pay Class 4 NIC on his rental profits?’

This will enable us to identify which particular piece of legislation is relevant – for Class 4 NIC the relevant provision is SSCBA 1992, s. 15.

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