The following Property practice note provides comprehensive and up to date legal information covering:
An individual works out the gain or loss when land is disposed of in the same way as for other assets. There are some special rules for working out gains and losses if the individual:
grants a lease
assigns or surrenders a lease
disposes of land that has been compulsorily purchased
For tax purposes as the landlord has retained a part of the interest the grant of a lease is a part disposal whether out of a freehold or leasehold interest.
Grants of leases fall into three categories:
a long lease out of a freehold or long leasehold interest
a short lease out of a freehold or long leasehold interest
a short lease out of a short leasehold interest
For capital gains tax (CGT) purposes a lease includes:
any interest corresponding to a lease
A long lease is a lease with more than 50 years remaining. A short lease has 50 years or less remaining. A long lease is not a wasting asset for CGT purposes until it becomes a short lease.
The duration of a lease for CGT will normally be the time remaining until the expiry of the current term of the leas
**Trials are provided to all LexisPSL and LexisLibrary content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisPSL services please email customer service via our online form. Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
To view the latest version of this document and thousands of others like it, sign-in to LexisPSL or register for a free trial.
Existing user? Sign-in
Take a free trial
When is quantum meruit and quantum valebat relevant?Claims in quantum meruit (value of services) and quantum valebat (value of goods) arise in diverse situations ranging from where contractual terms are silent on issues of payment to where there is no contract at all (Serck v Drake & Scull).General
Commercial Property Standard Enquiries (CPSEs) are industry standard pre-contract enquiries used in commercial property transactions. CPSEs are endorsed by the British Property Federation and are free to use. The CPSEs include specific environmental enquiries at enquiry 15 and there are several
Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog
This Practice Note provides a high-level introduction to diversity and inclusion (D&I) and key reasons why it is important to law firms. Specific aspects of D&I are covered in more detail in Practice Notes:•The growing focus on diversity and inclusion (D&I) in law firms•Unconscious bias—law
0330 161 1234
To view our latest legal guidance content,sign-in to Lexis®PSL or register for a free trial.