1201. The charge to stamp duty land tax; meaning of 'chargeable interest'.

For the purposes of stamp duty land tax1, 'chargeable interest' means:

  1.  

    (1)     an estate, interest, right or power in or over land in England2; or

  2.  

    (2)     the benefit of an obligation, restriction or condition affecting the value of any such estate, interest, right or power3,

other than an exempt interest4. An 'exempt interest' is:

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    (a)     any security interest5;

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    (b)     a licence to use or occupy land6;

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    (c)     a tenancy at will, an advowson, a franchise or a manor7.

Additional provision about exempt interests is made in relation to alternative finance arrangements8.

For the purposes of stamp duty land tax:

  1.  

    (i)     the creation