Section 1178A — Corporation Tax Act 2009: “Major interest in land”

“Major interest in land” 1178A 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.