premium

This topic has 3 replies, 2 voices, and was last updated 9 years ago by Tax Tutor.

Viewing 4 posts - 1 through 4 (of 4 total)

Author

Posts
March 3, 2017 at 3:54 pm #375325
rustamrakhmatov27
Member
- Topics: 156
- Replies: 127
Hello sir.

As i understood, the premium allowed for deduction from trading profits is deducted from trading profits of the tenant not the landlord right? and its per annum
March 4, 2017 at 10:53 am #375484
Tax Tutor
Member
- Topics: 2
- Replies: 3960
The landlord is assessed on the income element of the premium RECEIVED and the tenant who is the trader is allowed an annual trading profit deduction in relation to the premium PAID. The annual amount allowable to the trader however is based on the assessable income element of the premium received by the landlord divided by the number of years of the lease.
March 6, 2017 at 12:41 pm #375959
rustamrakhmatov27
Member
- Topics: 156
- Replies: 127
so they are both the same figures right? amount assessed on income statement of landlord and allowable deduction from tenants income?
March 8, 2017 at 9:25 am #376508
Tax Tutor
Member
- Topics: 2
- Replies: 3960
The allowable deduction is based on the same figure as the the landlord is being assessed on BUT it is spread over the number of years of the lease to give the ANNUAL trading profit deduction
Author

Posts

Viewing 4 posts - 1 through 4 (of 4 total)

You must be logged in to reply to this topic.