Lease Premiums - CIOT comments
The CIOT comments, sent to HMRC on 29 June 2012, on this informal consultation on the potential implications of amending a complex element of lease premium relief, concerning the deemed tax treatment of long leases as shorter leases.
Background
It was announced at Budget 2012 that the Government would consult on an informal basis on the potential implications of amending a complex element of lease premium relief, concerning the deemed tax treatment of long leases as shorter leases, with any resulting legislation to be brought in at Finance Bill 2013. The informal consultation has been published and is attached. The consultation does not consider wholesale reform of the lease premium rules but looks at a limited proposal to remove relief if a long lease is deemed to be a short lease.
Our submission and the consultation document are available here in Adobe (pdf) format.
Technical Team
29 June 2012
