Taxation of Chargeable Gains Act 1992 Schedule B1 paragraph 2

"Interest in UK land"

Schedule B1 paragraph 2 defines what constitutes an "interest in UK land" for the purposes of the chargeable gains rules applying to non-residents disposing of UK property interests.

• An interest in UK land includes any estate, interest, right or power in or over land situated in the United Kingdom, as well as the benefit of any obligation, restriction or condition affecting the value of such an estate, interest, right or power.
• The definition covers both freehold and leasehold interests, options to acquire land, and rights such as rentcharges or rights of way that relate to UK land.
• An interest in UK land also includes any interest in or right over property that derives its value, or the greater part of its value, directly or indirectly from UK land.
• These provisions were introduced by Finance Act 2019 as part of the extended rules bringing non-resident persons within the charge to capital gains tax on disposals of interests in UK land and shares deriving their value from such land.