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Where Taxpayers and Advisers Meet

Property lease

Herbs16
Posts: 73
Joined: Wed Aug 06, 2008 3:53 pm

Postby Herbs16 » Fri Nov 09, 2007 3:55 am

Hi
I have just purchased a hairdressers business and paid £20k for the lease. Is this allowable for tax? Is there any legislation anywhere?
Thanks

wamstax
Posts: 1910
Joined: Wed Aug 06, 2008 3:39 pm
Location: Operate Nationally but based in Aberdeen
Contact:

Postby wamstax » Sat Nov 10, 2007 4:45 am

Hi there, you can only get relief if you have paid a lease premium or your predecessor that assigned the lease to you paid a lease premium to the superior landlord. If you paid £20K for the lease to be assigned to you by your predecessor this would be a Capital gains issue only as relief in a business deduction sense is only due in the circumstances mentioned in the first sentence above. Try having a look at the following link

http://www.hmrc.gov.uk/manuals/bimmanual/BIM46255.htm

hope this helps
regards
bill@wamstaxltd.com
http://www.wamstaxltd.com
regards and hope this helps
http://www.wamstaxltd.com
Operates Nationally with competitive costs
and email and phone contact (mob 07751720507) can be obtained from websites


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