Freehold land - ins and outs?

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Could someone explain to me the terms of Freehold land? I am quite interested as I hear the land is tax free. This is a British construct, yes? It seems to me a great use for seed capital, as you're freed up to begin construction worry free, am I wrong in thinking this?

@Account Closed
Freehold is a type of real estate ownership whereby the owner of the assets owns it fully until he sells it on.
it is different from leasehold whereby the ownership is temporary and ultimately the ownership of the asset will revert to the person who granted the lease.

If you are familiar with car leasing, a good analogy would be think to of free-holding as owning your car and lease-holding as leasing your car.  

So nothing to do with the taxation of the real estate.
But that is just my understanding