Capital Allowances Act 2001 section 393

Meaning of "freehold interest", "lease", etc.

Section 393 defines key property-related terms used throughout Part 3 of the Capital Allowances Act 2001, including "freehold interest in land", "lease", and "leasehold interest", with specific provisions for Scotland.

• A freehold interest in land means the fee simple estate (or the owner's interest in Scotland), and also includes an agreement to acquire such an interest.
• A lease includes an agreement for a lease where the term has begun and any tenancy, but specifically excludes a mortgage — and related terms such as lessee, lessor and leasehold interest follow the same interpretation.
• In Scotland, a leasehold interest means the interest of a tenant in property subject to a lease.
• In Scotland, any reference to a reversionary interest on a lease or leasehold interest is to be read as a reference to the landlord's interest in the property concerned.