Paragraph 14 I1

Paragraph 1 is amended as follows.

In the definition of “effective date” in sub-paragraph (1), after “Scotland” (in both places) insert “ or Wales ”.

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.”