Time-share agreements differ, but generally they give the purchaser exclusive use of furnished accommodation for a particular week or weeks every year for an agreed number of years in return for a lump sum, and include an obligation to pay an annual service charge to a management company for the duration of the agreement. In law, the typical sale agreement creates a licence rather than a lease and such a licence does not normally constitute an interest in land. However, HMRC consider that the transaction may be viewed as a transaction in land1.
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