PART 2Key concepts
CHAPTER 1Land transactions and chargeable interests
Chargeable interest
4Chargeable interest
1
A chargeable interest is an interest of a kind mentioned in subsection (2) which is not an exempt interest.
2
The interests are—
a
a real right or other interest in or over land in Scotland, or
b
the benefit of an obligation, restriction or condition affecting the value of any such right or interest.
3
In subsection (2), “land in Scotland” does not include land below mean low water mark.
5Exempt interest
1
An interest is exempt if it is a security interest.
2
In subsection (1) a “security interest” means a real right or other interest in or over land held for the purpose of securing the payment of money or the performance of any other obligation.
3
See also paragraphs 21 to 24 of schedule 7 (which make additional provision about exempt interests in relation to alternative property finance arrangements).
4
The Scottish Ministers may, by regulations, modify this section so as to—
a
provide that a description of a real right or other interest in or over land is an exempt interest,
b
provide that a description of a real right or other interest in or over land is no longer to be an exempt interest,
c
vary a description of an exempt interest.