Related Commentary  Related CasesRelated HMRC Manuals

48(1)  In this Part “chargeable interest”  means–

(a)an estate, interest, right or power in or over land in England or Northern Ireland, or

(b)the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power,

other than an exempt interest.

48(1A)  See section 48A regarding land which is partly in England and partly in Wales.

48(2)  The following are exempt interests–

(a)any security interest;

(b)a licence to use or occupy land;


(i)a tenancy at will;

(ii)an advowson, franchise or manor.

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