Land Transaction Tax and Anti-avoidance of Devolved Taxes (Wales) Act 2017 section 68

Meaning of major interest in land

Section 68 defines what constitutes a "major interest" in land for the purposes of Land Transaction Tax.

• A major interest in land means either a freehold or a leasehold interest.
• Freehold refers to outright ownership of land (technically an "estate in fee simple absolute").
• Leasehold refers to a lease for a fixed term of years (technically a "term of years absolute").
• The definition covers both legal interests (formally registered or conveyed) and equitable interests (such as those held under a trust or arising from a contract to purchase).