PART 2THE TAX AND KEY CONCEPTS
CHAPTER 2LAND TRANSACTIONS
I15Exempt interest
1
The following are exempt interests—
a
a security interest;
b
a licence to use or occupy land;
c
a tenancy at will;
d
a franchise or manor.
2
In subsection (1)—
a
“"security interest”” means an interest or right (other than a rentcharge) held for the purpose of securing the payment of money or the performance of any other obligation;
b
“"franchise”” means a grant from the Crown such as the right to hold a market or fair, or the right to take tolls.
3
See also paragraph 7 of Schedule 10 (which makes additional provision about exempt interests in relation to alternative financial arrangements).
4
The Welsh Ministers may by regulations amend this section so as to—
a
provide that any other description of interest or right in relation to land in Wales is an exempt interest;
b
provide that a description of interest or right in relation to land in Wales is no longer an exempt interest;
c
vary a description of an exempt interest.