Section 117 — Finance Act 2003: Meaning of “major interest” in land

Meaning of “major interest” in land 117 1 References in this Part to a “ major interest ” in land shall be construed as follows.

2 In relation to land in England ... , the references are to—

a an estate in fee simple absolute, or b a term of years absolute, whether subsisting at law or in equity. 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 In relation to land in Northern Ireland, the references are to—

a any freehold estate, or b any leasehold estate, whether subsisting at law or in equity.