Finance Act 2009

This sectionnoteType=Explanatory Notes has no associated

22After section 1178 insert—

1178A“Major interest in land”

(1)References in this Part to the acquisition of a major interest in land are to the acquisition of a freehold interest in the land or of a relevant leasehold interest in the land.

(2)The reference in subsection (1) to the acquisition of a freehold interest in land is—

(a)in relation to land in England and Wales, to the acquisition of an estate in fee simple absolute (whether subsisting at law or in equity),

(b)in relation to land in Scotland, to the acquisition of the interest of an owner of land, and

(c)in relation to land in Northern Ireland, to the acquisition of any freehold estate (whether subsisting at law or in equity).

(3)The reference in subsection (1) to the acquisition of a relevant leasehold interest in land is to the acquisition by grant or assignment (or assignation) of—

(a)in relation to land in England and Wales, a term of years absolute (whether subsisting at law or in equity),

(b)in relation to land in Scotland, the tenant’s right over or interest in a property subject to a lease, or

(c)in relation to land in Northern Ireland, any leasehold estate (whether subsisting at law or in equity),

in relation to which the condition in subsection (4) is met.

(4)That condition is that—

(a)in the case of a grant, the term of years or period of the lease is at least 7 years, and

(b)in the case of an assignment (or assignation) the unexpired portion of the term or period is at least 7 years.