An interest in the economic benefit of property.
The ownership of land in England and Wales is dealt with in two ways: the legal ownership and the economic benefit, which is also commonly referred to as the beneficial ownership.
The legal ownership is separate from the beneficial ownership and the legal owner or owners will not necessarily be the same as the beneficial owner or owners.
The legal owner is said to hold the beneficial interest in the property on trust (www.practicallaw.com/4-107-7416) for the beneficial owner.
The beneficial owner of the land will have a right to the income from the property or a share in it, and a right to the proceeds of sale of the property or part of the proceeds.
A beneficial interest in property is an equitable interest.