In law, possession is the control a person intentionally exercises toward a thing. In all cases, to possess something, a person must have an intention to possess it. A person may be in possession of some property (although possession does not always imply ownership). Like ownership, the possession of things is commonly regulated by states under property law.

https://en.wikipedia.org/wiki/Possession_%28law%29

However in English law, specifically the Law of Property Act 1925 it has a statutory meaning.

from http://www.legislation.gov.uk/ukpga/Geo5/15-16/20/section/205 we have the following:

(xix)“Possession” includes receipt of rents and profits or the right to receive the same, if any; and “income” includes rents and profits;

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