Lease a wasting asset
Lease a wasting asset
- 1992
- Times 28 January 1992, LT11(1) .
In "Lewis v Walters (Inspector of Taxes)", ChD 15 January 1992, it was held that for the purposes of computing capital gains tax liability on the sale of a residential property, a lease having less than 50 years to run was to be treated as a wasting asset even though the tenant had an option to extend the term under the provisions of Law Reform Act 1967.
CAPITAL GAINS TAX ACT 1979 SCHED 3
CAPITAL GAINS TAX
LAW REFORM ACT 1967
LEASES
WASTING ASSETS
In "Lewis v Walters (Inspector of Taxes)", ChD 15 January 1992, it was held that for the purposes of computing capital gains tax liability on the sale of a residential property, a lease having less than 50 years to run was to be treated as a wasting asset even though the tenant had an option to extend the term under the provisions of Law Reform Act 1967.
CAPITAL GAINS TAX ACT 1979 SCHED 3
CAPITAL GAINS TAX
LAW REFORM ACT 1967
LEASES
WASTING ASSETS