Commentary on Sections Schedule 6 - Leases Adjustment of tax where rent determined on reconsideration date
249.Paragraph 12 provides that a buyer must reassess their LTT liability on the ”reconsideration date” if their original return was made on the basis of contingent, uncertain or unascertained rents for the first 5 years of the lease.
250.The reconsideration date is defined as a date falling at the end of the fifth year of the lease or any earlier date at which the rents become certain. The rents become certain when either the contingency occurs (or it is clear that it will not occur) or the amount of rent becomes ascertained.