Regulation 2 Interpretation

In these Regulations unless the context otherwise requires—

• “exempt instrument” shall be construed in accordance with regulation 4(1);

• “grant”, “lease” and “lessee” shall be construed in accordance with section 245(5) of the Finance Act 1994;

• “long leasehold interest”, in relation to a transaction, means a leasehold interest which, at the time of that transaction, was for a term of 25 years or more before expiry;

• “registered land” has the meaning given by section 45(1) of the Interpretation Act (Northern Ireland), 1954^f1;

• “relevant instrument” means an instrument which a transferee, lessee or proposed lessee is required to produce to the Commissioners of Inland Revenue under subsection (1) of section 244;

• “section 244” means section 244 of the Finance Act 1994;

• “short leasehold interest”, in relation to a transaction, means a leasehold interest which, at the time of that transaction, was for a term of less than 25 years before expiry.