14(1)Paragraph 1 is amended as follows.U.K.
(2)In the definition of “effective date” in sub-paragraph (1), after “Scotland” (in both places) insert “ or Wales ”.
(3)For sub-paragraph (1A) substitute—
“(1A)In this Schedule “qualifying interest” means—
(a)in relation to land in England and Wales—
(i)an estate in fee simple absolute, or
(ii)a term of years absolute,
whether subsisting at law or in equity;
(b)in relation to land in Scotland—
(i)the interest of an owner of land, or
(ii)the tenant's right over or interest in a property subject to a lease;
(c)in relation to land in Northern Ireland—
(i)any freehold estate, or
(ii)any leasehold estate,
whether subsisting at law or in equity;
except that it does not include a lease for a term of years, or (in Scotland) for a period, of 21 years or less.”
Commencement Information