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.