- This topic has 2 replies, 2 voices, and was last updated 2 years ago by .
Viewing 3 posts - 1 through 3 (of 3 total)
Viewing 3 posts - 1 through 3 (of 3 total)
- You must be logged in to reply to this topic.
OpenTuition recommends the new interactive BPP books for June 2024 exams, Get your discount code >>
Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Premium received on grant of short lease
Oceana granted a 23 year lease on a warehouse to Lena for £42,000 on 1 September 2020.
What is the property income assessable on Oceana for the tax year 2020/21?
Dear Sir,
The answer given in exam kit is
Premium 42000(-) 42000*2%*22 = 23520
My question is
Shouldnt the answer be 23520*7/12? ie 13720
Pls help .
Thanks
No – there is no time apportionment regarding the premium received – the amount assessed is the same whatever date in the tax year the premium may be received. See the OT study notes Chapter 3 Section 6 with accompanying lecture
Ok sir thanks