major interest in land

major interest in land
For value added tax (VAT) purposes, this is defined as:
• A fee simple; or
• A lease with a term (or remaining term, as the case may be) in excess of 21 years.
Only a grant, assignment or surrender of such an interest constitutes a supply of goods for VAT purposes (paragraph 4, Schedule 4, Value Added Tax Act 1994).

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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