Part 4

Agricultural buildings allowances
Chapter 6

Supplementary provisions

Meaning of “freehold interest”, “lease” etc.

Meaning of “freehold interest”, “lease”, etc.
393
1
In this Part “
freehold interest in land
” means—
a
the fee simple estate in the land, or
b
in relation to Scotland, the interest of the owner.
2
In this Part “
freehold interest in land
” also includes—
a
an agreement to acquire the fee simple estate in the land, or
b
in relation to Scotland, an agreement to acquire the interest of the owner.
3
In this Part “
lease
” includes—
a
an agreement for a lease if the term to be covered by the lease has begun, and
b
any tenancy,
but does not include a mortgage (and “
lessee
”, “
lessor
” and “
leasehold interest
” are to be read accordingly).
4
In the application of this Part to Scotland—
a
“
leasehold interest
” means the interest of a tenant in property subject to a lease, and
b
any reference to an interest which is reversionary on a leasehold interest or on a lease is to be read as a reference to the interest of the landlord in the property subject to the leasehold interest or lease.
S. 45H(2) modified (with effect in accordance with s. 167 of the amending Act) by Finance Act 2003 (c. 14) , Sch. 30 para. 7
Pt. 4 restricted (19.7.2007) by Finance Act 2007 (c. 11), s. 36(4)-(7)
Pt. 4 omitted (with effect in relation to chargeable periods beginning on or after 1.4.2011 for corporation tax purposes and 6.4.2011 for income tax purposes in accordance with ss. 84(1)(3)(4), 85 of the amending Act) by virtue of Finance Act 2008 (c. 9), s. 84(2) (with Sch. 27)