VCONST03210 | Zero-rating major interest grants in buildings: major interest grants: meaning of ‘major interest’

The term ‘major interest’ is defined by section 96(1) of the Value Added Tax Act 1994 and, in relation to land, means the fee simple or a tenancy for a term exceeding 21 years, and in relation to Scotland, means the interest of the owner, or the lessee’s interest under a lease for a period of not less than 20 years.