Client rents land originally leased in the early 1970s to his father which passed on to client by statutory succession on death of father (c.20 years ago). Landlord has sold the land to a third party who now wishes to take occupation of the land in exchange for a sum to be agreed. Question is - is this a capital gain due to a lease assignment or am I missing something? I cannot get on Bloomsbury just now so interested in member's opinions in the meantime!
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When you get Bloomsbury back, look up Davis v Powell 51TC492.
These AHA tenancies are valuable beasts. Do you know what the base cost is?