Notification: Grant of a lease: Example 1
A 99-year residential lease is granted for a premium of £100,000 and annual rent of £500on 1 July 2005.
Although there is no tax to pay (as the premium and net present value of rent are bothbelow the then residential threshold of £120,000), the lease is:
- for seven years or more and
- for chargeable consideration
so is notifiable.
This lease should be notified within 30 days of grant (by 31 July 2005).