Commentary

11 Rates and taxes relating to markets

MARKETS AND FAIRS vol 26(2)B
| Commentary

11 Rates and taxes relating to markets

| Commentary

11 Rates and taxes relating to markets

A market place is rateable1, though a market and market franchise tolls are not2. A lease of a market place should, therefore, contain the usual covenant by the tenant to pay rates, taxes, and outgoings. Profits arising out of land in the case of rights of markets and fairs are charged to income tax under the Income Tax (Trading and Other Income) Act 20053 as trading profits on the person entitled to or receiving the profits4. Hiring out of market stall sites is generally an exempt supply for VAT purposes, subject to

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