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Hi Sir, if the lease is above 50 years then the premium will not be treated as property income. Is the understanding right?
Then how will we treat the premium collected by the lessor
The premium will be treated as a capital receipt in a capital gains calculation and happily for you is not in the syllabus!
Hi sir,
If due to fire,£8600 was spent on replacing the roof of the shop ,only £8200 of this was paid for by Ronald’s property insurance.
Wht should I do ?…how will I treat these cost …like cost of roof is capital expenditure so how I record it ?
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