23AOther finance arrangements involving land

1

Rights under any arrangement for the provision of finance under which the person providing the finance either—

a

acquires a major interest in land from the person to whom the finance is provided, or

b

disposes of a major interest in land to that person,

as part of the arrangement.

2

References in sub-paragraph (1) to a “major interest” in land are to—

a

in relation to land in England or 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.

3

It is immaterial for the purposes of sub-paragraph (1) whether either party acquires or (as the case may be) disposes of the interest in land—

a

directly, or

b

indirectly.