It is a long-established principle that for the purposes of UK taxation, the letting of land for rents or similar receipts does not of itself constitute a trade (but note ‘Furnished Holiday Lettings’, below). The letting may be effected under formal leases or under less formal tenancy agreements or even so-called ‘licences to occupy’ that do not amount to a lease; the important element is that the landlord should give up the legal right to occupy the premises concerned and cede such rights to the tenant.

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