major interest definition
major interest. , in relation to land, means an interest that confers an exclusive right on the owner of the interest to enjoyment of the land (whether or not that right is conditional, deferred or present), but does not include a lease of land for a term of 9 years or less;
major interest. , in relation to land, means the fee simple or a tenancy for a term certain exceeding 21 years, and in relation to Scotland means–
major interest. , in relation to land, means:
More Definitions of major interest
major interest in FA 2003, s 117 means a freehold or leasehold interest, but for the purpose of Sch 4ZA, this phrase excludes leases granted originally for seven years or less: para 2(4), Sch 4ZA. It seems that the individual interest held by a joint owner in the undivided share of an equitable estate in a freehold or leasehold is not itself a major interest: see Pollen Estate Trustee Company Ltd and King’s College London v HMRC [2013] EWCA Civ 753 and also HMRC’s August 2007 Technical News where HMRC state: “In addition, we would not wish to argue that an undivided share was a major interest.” On this basis, Condition C above would not be met so that the 3% charge would not apply where an individual owner of an undivided share in a jointly owned dwelling purchased another dwelling, unless the other owner of the undivided share purchases jointly with him or the other owner is his spouse or civil partner. However for purchases on or after 29 October, 2018 a new para 2(5), Sch 4ZA provides that references to a major interest in a dwelling in Sch 4ZA include an undivided share in a major interest in a dwelling.