- This topic has 1 reply, 2 voices, and was last updated 2 years ago by
Tax Tutor.
Tax Tutor.Viewing 2 posts - 1 through 2 (of 2 total)
-
Posts
-
Noah098
- Topics: 935
- Replies: 352
- ☆☆☆☆☆
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?
Tax Tutor
- Topics: 2
- Replies: 3965
- ☆☆☆☆☆
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.
Noah098
Tax Tutor
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.