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Capital Allowances Act 1990

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This is the original version (as it was originally enacted).

125Meaning of “major interest” and “the relevant interest”

(1)In this Part a “major interest” in land means—

(a)the fee simple estate in the land or an agreement to acquire that estate;

(b)in Scotland, the estate or interest of the proprietor of the dominium utile (or, in the case or property other than feudal property, of the owner) and any agreement to acquire such an estate or interest, and

(c)a lease.

(2)Subject to the provisions of this section, in this Part “the relevant interest” means, in relation to any expenditure falling within section 123, the major interest in the agricultural land concerned to which the person who incurred the expenditure was entitled when he incurred it.

(3)Where, when he incurs expenditure falling within section 123, a person is entitled to two or more major interests in the agricultural land concerned, and one of those interests is an interest which is in reversion on all the others, that interest is the relevant interest for the purposes of this Part.

(4)A major interest shall not cease to be the relevant interest for the purposes of this Part by reason of the creation of any lease (or other interest) to which the interest is subject; and where the relevant interest is a lease which is extinguished—

(a)by reason of the surrender thereof, or

(b)on the person entitled thereto acquiring the interest which is the reversion on the relevant interest,

then, unless a new lease of the land concerned is granted to take effect on the extinguishment of the former lease, the interest into which that lease merges shall thereupon become the relevant interest.

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