Section 86L Meaning of “relevant disposal” etc

F1This section applies for the purposes of this Chapter.

A disposal of the freehold estate in land is a relevant disposal of the land if it is a disposal with vacant possession.

A grant or assignment of a qualifying leasehold estate in land is a relevant disposal of the land if it is a grant or assignment with vacant possession.

If a relevant disposal within subsection (2) or (3) is made in pursuance of a binding agreement to make it, the disposal is entered into when the agreement becomes binding.

Subject to subsection (4), a relevant disposal within subsection (2) or (3) is entered into when it takes place.

In this section “qualifying leasehold estate” , in relation to any land, means an estate by virtue of a lease of the land for a term which, when granted, had at least 25 years to run.

The Secretary of State may by regulations amend this section.