Introduction Details of the Sections Section 141 – Property traders
247.Subsection (1) says that a day in a chargeable period is a relievable day if the person beneficially entitled to that interest is carrying on a property trading business and holds the property as stock and solely for resale in the course of the business.
248.Subsection (2) provides that, a single-dwelling interest is not considered to be held for the sole purpose of resale by a person carrying on a property trading business if a non-qualifying individual is permitted to occupy it.
249.Subsection (3) defines a “property trading business” as a business which includes activities in the nature of a trade of buying and selling dwellings and which is carried on a commercial basis with a view to profit.