In 2021-22, Peter is granted a 12-year lease on a property, paying a premium of 40,000 to
Question:
In 2021-22, Peter is granted a 12-year lease on a property, paying a premium of £40,000 to his landlord. He immediately grants a 4-year sub-lease to Paula, receiving a premium from her of £14,000. Calculate the income tax assessment on the premium received by Peter, assuming that he has elected for the accruals basis.
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