About the Lease

How to complete the 'About the Lease' section of the paper LBTT return.

Note: Only complete this section if you answered ‘Lease’ to the ‘Description of transaction’ question in the ‘About the Transaction’ section.

Start date as specified in the lease

You must answer this question.

Enter (in DD/MM/YYYY format) the start date of the lease as stated in the lease.

End date as specified in the lease

You must answer this question.

Enter (in DD/MM/YYYY format) the end date of the lease as stated in the lease.

Typical annual rent of lease, including VAT where applicable

You must answer this question.

Enter the average annual rent (ignoring any rent-free periods) in pounds sterling under the terms of the lease, including any VAT payable on the rent.

Total premium (grassum) payable

Enter any premium (or grassum) payable under the terms of the lease (see LBTT6006).

Relevant rental figure

Enter the relevant rental figure under the terms of the lease. This is the annual rent in relation to the transaction in question or, if that transaction is one of a number of linked transactions for which the chargeable consideration consists of or includes rent, it is the total of the annual rents in relation to all of those transactions. See paragraph 9 of schedule 19 to the LBTT(S)A 2013 and LBTT6012.

Net present value upon which tax on rent is calculated

You must answer this question.

Enter the Net Present Value (NPV). To calculate the NPV apply the formula in paragraph 6 of schedule 19 to the LBTT(S)A 2013 or see LBTT6011. Our website also has an online tax calculator to help you work this figure out.

Total amount of tax due – premium (grassum)

You must answer this question.

Enter the tax due based on the total premium (grassum) payable (see LBTT6012 and LBTT6013).

Total amount of tax due – NPV

You must answer this question.

Enter the tax due based on the total NPV payable (see LBTT6011 and LBTT6013).

Last updated: 
30 March 2015
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