{
  "url": "https://openlegislation.uk/finance-act-2003/section-48",
  "json_url": "https://openlegislation.uk/finance-act-2003/section-48.json",
  "legislation": "ukpga/2003/14",
  "legislation_title": "Finance Act 2003",
  "legislation_url": "https://openlegislation.uk/finance-act-2003",
  "path": "section/48",
  "kind": "section",
  "number": "48",
  "heading": "Chargeable interests",
  "text": "(1) In this Part “chargeable interest” means—\n(a) an estate, interest, right or power in or over land in England ... or Northern Ireland, or\n(b) the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power,\nother than an exempt interest.\n(1A) See section 48A regarding land which is partly in England and partly in Wales.\n(2) The following are exempt interests—\n(a) any security interest;\n(b) a licence to use or occupy land;\n(c) ...—\n(i) a tenancy at will;\n(ii) an advowson, franchise or manor.\n(3) In subsection (2)—\n(a) “security interest” means an interest or right (other than a rentcharge) held for the purpose of securing the payment of money or the performance of any other obligation; and\n(b) “franchise” means a grant from the Crown such as the right to hold a market or fair, or the right to take tolls.\n(3A) Section 73B makes additional provision about exempt interests in relation to alternative finance arrangements.\n(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .\n(5) The Treasury may by regulations provide that any other description of interest or right in relation to land in England ... or Northern Ireland is an exempt interest.\n(6) The regulations may contain such supplementary, incidental and transitional provision as appears to the Treasury to be appropriate.\n(7) This section has effect subject to subsection (3) of section 44A (contract and conveyance to third party) and to paragraph 15A of Schedule 17A (reduction of rent or term of lease).",
  "extent": "E+W+S+N.I.",
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "F",
      "label": "F1",
      "text": "Words in s. 48(1)(a) substituted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), ss. 29(2), (3)(b) (with s. 29(5)(6)); S.I. 2015/637, art. 2"
    },
    {
      "type": "F",
      "label": "F2",
      "text": "Words in s. 48(1)(a) omitted (1.4.2018 with effect in accordance with s. 16(4)(5) of the amending Act) by virtue of Wales Act 2014 (c. 29), ss. 16(2), 29(2)(b)(3) (with s. 16(4)(5)); S.I. 2018/214, art. 2(a)"
    },
    {
      "type": "F",
      "label": "F3",
      "text": "S. 48(1A) inserted (1.4.2018 with effect in accordance with s. 16(4)(5) of the amending Act) by Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 3(2); S.I. 2018/214, art. 2(a)"
    },
    {
      "type": "F",
      "label": "F4",
      "text": "Words in s. 48(2)(c) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 4(a) (with s. 29(5)(6)); S.I. 2015/637, art. 2"
    },
    {
      "type": "F",
      "label": "F5",
      "text": "S. 48(3A) inserted (19.7.2007) by Finance Act 2007 (c. 11), s. 75(2)"
    },
    {
      "type": "F",
      "label": "F6",
      "text": "S. 48(4) omitted (with effect in accordance with s. 29(4) of the amending Act) by virtue of Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 4(b) (with s. 29(5)(6)); S.I. 2015/637, art. 2"
    },
    {
      "type": "F",
      "label": "F7",
      "text": "Words in s. 48(5) substituted (with effect in accordance with s. 29(4) of the amending Act) by Scotland Act 2012 (c. 11), s. 44(2)(b)(3)(b), Sch. 3 para. 4(c) (with s. 29(5)(6)); S.I. 2015/637, art. 2"
    },
    {
      "type": "F",
      "label": "F8",
      "text": "Words in s. 48(5) omitted (1.4.2018 with effect in accordance with s. 16(4)(5) of the amending Act) by virtue of Wales Act 2014 (c. 29), s. 29(2)(b)(3), Sch. 2 para. 3(3); S.I. 2018/214, art. 2(a)"
    },
    {
      "type": "F",
      "label": "F9",
      "text": "S. 48(7) inserted (with effect in accordance with Sch. 39 para. 13(1) of the amending Act) by Finance Act 2004 (c. 12), Sch. 39 para. 4(2)"
    },
    {
      "type": "F",
      "label": "F10",
      "text": "Words in s. 48(7) inserted (with effect in accordance with s. 297(9) of the amending Act) by Finance Act 2004 (c. 12), s. 297(3)"
    },
    {
      "type": "C",
      "label": "C1",
      "text": "S. 48 modified (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 28(6)(a) (with reg. 63)"
    },
    {
      "type": "C",
      "label": "C2",
      "text": "Pt. 4 applied (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 29(2)(5) (with reg. 63)"
    },
    {
      "type": "C",
      "label": "C3",
      "text": "Pt. 4 modified (19.3.2025) by The Co-ownership Contractual Schemes (Tax) Regulations 2025 (S.I. 2025/200), regs. 1(2), 28, 30 (with reg. 63)"
    },
    {
      "type": "I",
      "label": "I1",
      "text": "Pt. 4 wholly in force at Royal Assent subject to Sch. 19, see s. 124, Sch. 19 para. 1(1)"
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/ukpga/2003/14/section/48",
    "retrieved_at": "2026-10-29T09:18:27.996599+00:00",
    "licence": "OGL-UK-3.0",
    "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
    "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
  }
}