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The Lease Duty Trap

Philip Martin Senior Tax Manager Marks & Spencer discusses the recent consultation process on lease duty and its outcome
The summer of 2003 saw the phenomenon of flash mobbing where a group of people congregate at a designated spot perform some inexplicable task and then disperse none the wiser as to what they have done. The Inland Revenue was quick to join in the fun inviting taxpayers to participate in its consultation meetings on lease duty.
Lease duty — the old and new rules
Lease duty on the grant of a new lease was formerly charged on both the premium (at stamp duty rates) and the rent (at a percentage of 1%...

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