Section 1178A | “Major interest in land” ^F1

(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.^F1

(2)The reference in subsection (1) to the acquisition of a freehold interest in land is—^F1

(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),^F1

(b)in relation to land in Scotland, to the acquisition of the interest of an owner of land, and^F1

(c)in relation to land in Northern Ireland, to the acquisition of any freehold estate (whether subsisting at law or in equity).^F1

(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—^F1

(a)in relation to land in England and Wales, a term of years absolute (whether subsisting at law or in equity),^F1

(b)in relation to land in Scotland, the tenant's right over or interest in a property subject to a lease, or^F1

(c)in relation to land in Northern Ireland, any leasehold estate (whether subsisting at law or in equity),^F1

in relation to which the condition in subsection (4) is met.

(4)That condition is that—^F1

(a)in the case of a grant, the term of years or period of the lease is at least 7 years, and^F1

(b)in the case of an assignment (or assignation) the unexpired portion of the term or period is at least 7 years.^F1