Lease a wasting asset
Language: English Series: Times ; 28 January 1992, LT11(1)Publication details: 1992Subject(s): Summary: 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.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| Law report | London Journal article | WB2805-75 (Browse shelf(Opens below)) | 1 | Available | 20185-1001 |
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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.