A short lease of land is a wasting asset, but its value does not waste uniformly over its term. At first, the rate of decline in value is relatively slow but it becomes very rapid during the last few years of the term of the lease. Hence, the straight-line method of wasting expenditure contained in TCGA92/S46, see CG76772 onwards, is not appropriate and is disapplied by TCGA92/Sch 8/Para 1 (3).
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