31 August 2006
My client, who is a 40% taxpayer with available capital losses, owns the freehold of several industrial properties. These are let on short-term leases to unquoted trading companies and the tenants have an obligation to make good any dilapidations. One property cost about £400,000 eight years ago and the lease on it has just come to an end. The tenant has agreed to pay my client a sum of £40,000 by way of compensation instead of making good the repair dilapidations on the property.
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