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Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA TX-UK Exams › property income
sir for a landlord who receives a lease premium the rule of premium-premium*2%*(n-1) applies ONLY in the year premium is received, right? no other entries are required in the subsequent years, am i correct sir?
For the lessor there is as you say above a single assessment arising in the tax year the premium is received, whereas for the lessee there is an an annual allowable tax deduction in each year the property is used in their trade.
There will of course be an annual rental income for the lessor to be assessed and an annual allowable deduction to the lessee for the rental payable for the use of the building in their trade.