(1)In this Part “chargeable interest” means—
(a)an estate, interest, right or power in or over land in the United Kingdom, or
(b)the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power,
other than an exempt interest.
(2)The following are exempt interests—
(a)any security interest;
(b)a licence to use or occupy land;
(c)in England and Wales or Northern Ireland—
(i)a tenancy at will;
(ii)an advowson, franchise or manor.
(3)In subsection (2)—
(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; and
(b)“franchise” means a grant from the Crown such as the right to hold a market or fair, or the right to take tolls.
(4)In the application of this Part in Scotland the reference in subsection (3)(a) to a rentcharge shall be read as a reference to a feu duty or a payment mentioned in section 56(1) of the Abolition of Feudal Tenure etc. (Scotland) Act 2000 (asp 5).
(5)The Treasury may by regulations provide that any other description of interest or right in relation to land in the United Kingdom is an exempt interest.
(6)The regulations may contain such supplementary, incidental and transitional provision as appears to the Treasury to be appropriate.
Commencement Information
I1Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)