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GLOSSARY

Peppercorn Rent definition

/ˈpɛpəkɔːn/ /rɛnt/

Published by a LexisNexis Property expert

What does Peppercorn Rent mean?

A token or nominal rent (eg a peppercorn, red rose, £1.00) paid by way of consideration in order to form a legally binding lease contract and create a legal relationship between landlord and tenant.

It is often used in place of a ground rent, or where the tenancy is essentially to be ‘rent free’ and is common where a premium is payable for the lease, although tends to be found only in older leases. In theory the rent can be demanded, but in practice there is no rent to pay, and the landlord need make no effort to collect it.

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Exclusions from the exemption from VAT for land and buildings

Exclusions from the exemption from VAT for land and buildings This Practice Note is about the exclusions from the VAT exemption for property transactions, and other provisions that interact with them. The exclusions for parking and storage facilities are fully covered in Practice Notes: VAT treatment of parking facilities and VAT treatment of storage facilities. This Practice Note contains references to EU legislation and case law. For information on the ongoing significance of EU law in the UK following the end of the Brexit implementation period on 31 December 2020, see Practice Note: Retained EU law and tax. Unless otherwise stated, all judgments of the EU Court of Justice referred to in this Practice Note were decided before the end of the Brexit implementation period. Why does this matter? Most property transactions are only subject to VAT if the seller or landlord has opted to tax (see Practice Note: The option to tax land and buildings). In some cases, however, VAT may be due automatically, whether or not the...

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Application letter—deferral of SDLT on contingent or uncertain consideration

Application letter—deferral of SDLT on contingent or uncertain consideration [ To be printed on headed notepaper of applicant including full contact details ] HMRC SDLT Deferment Applications [[insert relevant HMRC address]] United Kingdom Dear HMRC Deferral of stamp duty land tax (SDLT) [Insert name of purchaser] UTRN: [insert UTRN of form SDLT1 tax return if already prepared] [We OR I] write to apply for deferral under section 90 of the Finance Act 2003 in respect of SDLT due on [the acquisition disclosed by the above SDLT1 return OR an acquisition of a chargeable interest by [name of purchaser]]. Details of the transaction and the deferral sought are set out in the table below in accordance with HMRC guidance provided in SDLTM50910. The effective date of the transaction [was [insert date] OR has not yet passed but is expected to occur [before [insert date] OR on or around [insert date]]. This application is submitted before completion to maximise the time available for you to consider...

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