Finance Act 2003

117Meaning of “major interest” in landU.K.

(1)References in this Part to a “major interest” in land shall be construed as follows.

(2)In relation to land in England or Wales, the references are to—

(a)an estate in fee simple absolute, or

(b)a term of years absolute,

whether subsisting at law or in equity.

F1(3). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(4)In relation to land in Northern Ireland, the references are to—

(a)any freehold estate, or

(b)any leasehold estate,

whether subsisting at law or in equity.

Textual Amendments

F1S. 117(3) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 20 (with s. 29(5)(6)); S.I. 2015/637, art. 2

Commencement Information

I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)