▁the ▁following ▁exem ptions ▁from ▁L TT : ▁▁ ▁a ▁‘ security ▁interest ’ , ▁that ▁is , ▁an ▁interest ▁or ▁right ▁( other ▁than ▁a ▁rent charge ) ▁held ▁for ▁the ▁purpose ▁of ▁se cur ing ▁the ▁payment ▁of ▁money ▁or ▁the ▁performance ▁of ▁any ▁other ▁oblig ation . ▁The ▁common est ▁example ▁of ▁a ▁security ▁interest ▁is ▁a ▁mort g age ▁ ▁a ▁lic ence ▁to ▁use ▁or ▁occup y ▁land ▁( how ever , ▁a ▁document ▁which ▁describes ▁itself ▁as ▁a ▁lic ence ▁may ▁in ▁fact ▁be ▁a ▁le ase , ▁especially ▁if ▁the ▁practical ▁consequence ▁is ▁that ▁the ▁gran te e ▁has ▁exclusive ▁occupation ) ▁ ▁a ▁ten ancy ▁at ▁will ▁( how ever , ▁a ▁ten ancy ▁described ▁as ▁a ▁ten ancy ▁at ▁will ▁may ▁in ▁fact ▁be ▁some ▁other ▁ten ancy ▁such ▁as ▁a ▁periodic ▁ten ancy , ▁especially ▁if ▁rent ▁is ▁paid ) ▁ ▁a ▁franch ise ▁granted ▁by ▁the ▁Crown , ▁for ▁example , ▁the ▁right ▁to ▁hold ▁a ▁market ▁or ▁to ▁take ▁to ll s ▁ ▁a ▁man or ▁( the ▁‘ L ord ship ▁of ▁the ▁Man or ’ ▁or ▁se ign ory , ▁but ▁note ▁that ▁a ▁se ign ory ▁may ▁be ▁accompanied ▁by ▁charge able ▁interests ▁such ▁as ▁prof its ▁a ▁prendre ). ▁ ▁References ▁▁ ▁Category : T ax ation ▁in ▁Wales ▁Category : H ous ing ▁in ▁Wales ▁Category : Property ▁tax es ▁Category : 2 0 1 8 ▁introdu ctions ▁Category : 2 0 1 8 ▁establish ments