| gen. |
beneficial interest (The right to the use and enjoyment of property, rather than to its bare legal ownership. For example, if property is held in trust, the trustee has the legal title but the beneficiaries have the beneficial interest in equity. The beneficiaries, not the trustee, are entitled to any income from the property and will be taxed on this income and any chargeable gain arising if the property is sold. OB&M. ► LAW, FINANCE the right to receive income, profits, interest, etc. from a business, contract, or investment: "He has a beneficial interest in 17,000 shares in the company. ► LAW, PROPERTY the right to live in or receive income from a property: "The property law in Scotland does not recognize a difference between the legal and the beneficial interests in inherited property. CBED Alexander Demidov) |
