292. Land.

The sale of a freehold interest in land (without buildings or civil engineering works on it) or the grant of a lease or of a licence is generally exempt from value added tax (VAT)1, subject to the right in most cases to exercise the option to tax2. The grant of certain short term rights over land, such as car parking, mooring of boats, storage of aircraft, sporting rights over land, or the right to fell and remove standing timber and certain other supplies