I am a freeholder. The flat owner is going to pay me a premium to extend his lease. Am I going to pay any tax on that? The answer to this is that ‘it depends.’ Assuming that there will be a capital gain on the disposal when the lease is granted then the answer is probably ‘yes’. The exception may …
Podcast – Tax and Lease Extensions
I recently recorded a podcast for the website Property Battlefield on the subject of ‘Tax and Lease Extensions’ with my colleague and tax expert Philip Vickery from Bishop & Sewell LLP. This follows on from the article that appears on this site. You can listen to the full podcast here: http://traffic.libsyn.com/propertybattlefield/FV_Tax_and_Lease_Extensions_mixdown.mp3 Thank you to John Savage for having me on the …
Tax and lease extensions
A lot of people think that once they have purchased their freehold, “that is that” and there is no further action to take. But, they could be wrong. Why? Because as a lease is a wasting asset, notwithstanding the fact that you may own the freehold via a share in a company, once the freehold has been purchased, the lease …