Wales Act 2014

Finance Act 2009

14 (1) Paragraph 1 is amended as follows.

(2) In the definition of “effective date” in sub-paragraph (1), after “Scotland” (in both places) insert “or Wales”.

(3) For sub-paragraph (1A) substitute—

“(1A) In this Schedule “qualifying interest” means—

(a) in relation to land in England and Wales—

(i) an estate in fee simple absolute, or

(ii) a term of years absolute,

whether subsisting at law or in equity;

(b) in relation to land in Scotland—

(i) the interest of an owner of land, or

(ii) the tenant’s right over or interest in a property subject to a lease;

(c) in relation to land in Northern Ireland—

(i) any freehold estate, or

(ii) any leasehold estate,

whether subsisting at law or in equity;

except that it does not include a lease for a term of years, or (in Scotland) for a period, of 21 years or less.”