My aunt Fanny has approached me. On 1st July she let premises at a rent of £6000 per annum and for a lease premium of a consideration of £60000.for 20 years.
I have told her her fiscal assessment will be 9/12 of 6000 which is 4500. Further she will be assessed on a portion of the premium as follows
Consideration 60000
Less 19 x 2/100 60000 = 22800
Assessable 37200.
Total assessment 41700
She said ' what about the balance of the premium £22800
I said ' I will ask my fiscal thinkers about this on the forum. My fiscal neurons have gone blank."