[F114(1)For the purposes of the taxable property provisions a person holds an interest in property directly if the person (whether jointly, in common or alone)—U.K.
(a)holds the property or any estate, interest, right or power in or over the property,
(b)has the right to use, or participate in arrangements relating to the use of, that property or a description of property to which that property belongs, or
(c)has the benefit of any obligation, restriction or condition affecting the value of any estate, interest, right or power in or over the property,
under the law of any country or territory.
(2)But a person does not hold an interest in residential property consisting of hotel accommodation directly unless—
(a)the person holds part only of the hotel accommodation or any estate, interest, right or power in or over such a part and, as a result, any person has a right to use or occupy that or any other part of the hotel accommodation, or
(b)the person has a right to use, or participate in arrangements relating to the use of, part only of the hotel accommodation or a description of property to which that part belongs.
(3)For the purposes of the taxable property provisions a person holds an interest in property directly if the person is entitled (whether jointly, in common or alone) to receive payments determined by reference to the value of or the income from the property.
(4)Sub-paragraph (3) is subject to paragraph 15.]
Textual Amendments
F1Sch. 29A inserted (retrospective to 6.4.2006) by Finance Act 2006 (c. 25), s. 158(2), Sch. 21 para. 13