Finance Act 1974

[F1 Interpretation U.K.

Textual Amendments

F1 Sch. 9 repealed by Finance Act 1985 (c. 54, SIF 63:1), s. 98(6)and Sch. 27 Part Xin relation to disposals of interests in land taking place on or after 19March Finance Act 1985 (c. 54, SIF 63:1),but without affecting the construction of 1979 (C) Sch.5 para. 9(5).

1 (1) In this Schedule— U.K.

• “the five-year period”, in relation to a relevant chargeable building, means the period of five years beginning with the material date;

• “the interest of a relevant person”, in relation to a relevant chargeable building, means that interest of a relevant person in the relevant land by virtue of which he is a relevant person (and references to a relevant person’s interest shall be construed accordingly);

• “the principal section” means section 45 of this Act;

• “relevant chargeable building” means a chargeable building which after 17 th December 1973 is first let or occupied to a material extent after the commencement of the relevant development, other than a chargeable building in the case of which, by virtue of subsection (3) of the principal section, subsection (1) of that section does not apply;

• “relevant person”, in relation to a chargeable building which after 17 th December 1973 is first let or occupied to a material extent after the commencement of the relevant development, means any person who after that date, either by granting one or more leases or by his occupation of the whole or any part or parts of the chargeable building, caused or helped to cause the building to be let or occupied as aforesaid.

(2) In the application of the principal section and this Schedule to Scotland,—

• “freehold” means the estate or interest of the proprietor of the dominium utile, or, in the case of property other than feudal property, of the owner;

• “reversion” means the interest of the landlord in property subject to a lease.]