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Hello,
Please, can you shed some light on the exact difference between a lease and tenancy agreement and rent? Secondly, what is a short lease and the premium received on it? Is the premium refunded once the lease finishes?
Thank you in advanced!
Regards,
AnfaalYou will not need to know the difference for the TX exam – the question will obviously be a short lease – the examiner is testing your ability to do the calculations.
A short lease is less than 50 years and the premium is a one off upfront payment taxable at the time it is recevied after you’ve done all the calculations.
It is not refunded
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