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Dipn Of Tax Essay

695 words - 3 pages

DIPN 04

ASSESSABILITY OF LEASE PREMIUMS
Premiums on leases are frequently referred to as non-returnable, deposits, key or tea money, construction fees, tenancy rights or other terms. Premium under a lease or tenancy agreement is being regarded as capital expenditure by the payer does not necessarily turn it into a capital receipt in the hands of the recipient.

Taxpayers or their representatives, if they claim the captioned receipts to be capital receipts, have to ascertain and report the precise facts and the exact legal relationship between the parties occasioned by any agreement to receive or pay such items.

Generally accepted accounting practice 1 requires that premium receipts ...view middle of the document...

“Land or/and buildings” is normally given its ordinary meaning. Section 7A of the Ordinance extends its meaning to include “piers, wharves and other structures”. Some examples of structures are: walls, dams, advertising signs, light box, oil station, etc.. They also include that part of the common area within a building not specifically assigned to any one owner but intended to be used for the benefit of all the owners of the building.

Except for the purpose of considering tax exemption under section 5(2) [see paragraph 21], “buildings” should include any part of a building.

Change of Ownership
Most property transactions start with the entering into an agreement for sale and purchase of property between the vendor and the purchaser. The date for switching the entitlement of the rental income arising from the property from the vendor to the purchaser would normally be determined in the terms of the agreement for sale. For Property Tax purposes, the party who entitles to...

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