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HMRC internal manual

Capital Gains Manual

Leases: freehold/long lease

The grant of a long lease, that is a lease with a term of over 50 years, out of a freeholdor long lease is the simplest scenario involving the grant of a lease. The normal rulesapply to the computation of the gain. The whole of any premium received is brought intoaccount as consideration for the grant of the lease and the part disposal formula inTCGA92/S42, see CG12730+, is applied, but see CG70951.