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My limited company client has recently obtained a 100-plus year lease on the walled garden of a 'big house' on a country estate. He has spent over £100,000 on rebuilding the wall as part of the planning permission to use the garden to sell static holiday caravans to the public. The purchasers of the caravans will leave them on this garden site on a 75-year licence, with services (water, sewerage, security, waste disposal, grounds maintenance and council rates) provided by my client. Considerable sums have been spent in preparing the walled garden site for the caravans and services.
My limited company client has recently obtained a 100-plus year lease on the walled garden of a 'big house' on a country estate. He has spent over £100 000 on rebuilding the wall as part of the planning permission to use the garden to sell static holiday caravans to the public. The purchasers of the caravans will leave them on this garden site on a 75-year licence with services (water sewerage security waste disposal grounds maintenance and council rates) provided by my client. Considerable sums have been spent in preparing the walled garden site for the caravans and services.
My first instinct is that what has happened is an improvement to leasehold property and tax relief for the expenditure will be given when the lease is sold (if ever). But I can also see an argument that says all of the expenditure allows the...
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