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Premium received on grant of short lease

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › Premium received on grant of short lease

  • This topic has 2 replies, 2 voices, and was last updated 1 year ago by Varun.J.Thakkar.
Viewing 3 posts - 1 through 3 (of 3 total)
  • Author
    Posts
  • January 4, 2022 at 6:39 pm #645297
    Varun.J.Thakkar
    Participant
    • Topics: 47
    • Replies: 50
    • ☆☆

    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

    January 5, 2022 at 6:15 pm #645361
    Tax Tutor
    Member
    • Topics: 2
    • Replies: 3965
    • ☆☆☆☆☆

    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

    January 9, 2022 at 7:36 pm #645551
    Varun.J.Thakkar
    Participant
    • Topics: 47
    • Replies: 50
    • ☆☆

    Ok sir thanks

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