Finance Act 1977

19 In section 46(1) of that Act the following amendments shall be made—

(a) after the definition of " input tax " there shall be inserted—

• “' major interest ', in relation to land, means the fee simple or a tenancy for a term certain exceeding 21 years, and in relation to Scotland means—

  (a)

  the estate or interest of the proprietor of the dominium utile, or

  (b)

  in the case of land not held on feudal tenure, the estate or interest of the owner, or the lessee's interest under a lease for a period exceeding 21 years”;

(b) after the definition of "money" there shall be inserted—

• “' prescribed ' means prescribed by regulations”;

(c) after the definition of " quarter " there shall be inserted—

• “' regulations ' means regulations made by the Commissioners under this Part of this Act ", and”

(d) for the definition of "taxable supply" there shall be substituted—

• “' taxable supply ' has the meaning assigned to it by section 2(2) of this Act”.