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Meaning of Premiums on Lease

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Meaning of Premiums on Lease

  • This topic has 2 replies, 2 voices, and was last updated 3 months ago by Asif110.
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    Posts
  • April 27, 2022 at 2:10 pm #654486
    Asif110
    • Topics: 55
    • Replies: 105
    • ☆☆

    Hello sir,

    Just wanted to understand what premium in uk leasing of properties mean ?

    Is it a large sum of overall rent paid in advance ?

    Or is it key money one pays exclusive of rent, in order to acquire the rights to leasing ?

    Thankyou

    April 28, 2022 at 12:05 pm #654535
    Tax Tutor
    • Topics: 2
    • Replies: 3955
    • ☆☆☆☆☆

    Firstly do not worry about “what it is” – you simply need to be able to correctly deal with the income element of the premium paid or received as shown in the lectures and notes. A premium however represents a one off payment made by a lessee to a lessor as part of the terms of the lease which may, for example, be as a result of certain expenditure incurred on the property by the lessor prior to the commencement of the lease

    May 1, 2022 at 3:25 am #654688
    Asif110
    • Topics: 55
    • Replies: 105
    • ☆☆

    Thankyou very much sir for the answer.

    I personally like to understand the logic or background of everything I study if made possible 🙂

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