The Space Between Time was created from the distortions in the time from the five Dragon Slayers and Anna Heartfilia crossing over 400 years, which as time passed and tried to fix itself it was manufactured. The power of nothingness, neither light or dark, it was originally stated that no one can exist within it, as well as live within it. It is possible that it can be moved, shut off and/or closed that if those who touch it simply pass right through, as well as it can be harnessed to be used in conjunction with other Magics (such as Fairy Heart).
If the magic is devoured, its unstable magic would caused the user to split into two with a spiritual body staying in the space between time dimension while the physical stays in the real world. The physical body depends on the spiritual as if it dies both bodies will cease to exist. 
- ↑ 1.0 1.1 Fairy Tail Manga: Chapter 530, Pages 11-13
- ↑ Fairy Tail Manga: Chapter 530, Pages 18-20
- ↑ Fairy Tail Manga: Chapter 539, Pages 17-18
- ↑ Fairy Tail Manga: Chapter 540, Pages 8-9