Paragraph 51 Fixed assets

(1)

In relation to any amount which is or would but for paragraph 4(2)(b) be shown in respect of the item “land and buildings” in the LLP’s balance sheet there must be stated—

(a)

how much of that amount is ascribable to land of freehold tenure and how much to land of leasehold tenure, and

(b)

how much of the amount ascribable to land of leasehold tenure is ascribable to land held on long lease and how much to land held on short lease.

(2)

In this paragraph—

(a)

“long lease” means a lease in the case of which the portion of the term for which it was granted remaining unexpired at the end of the financial year is not less than 50 years,

(b)

“short lease” means a lease which is not a long lease, and

(c)

“lease” includes an agreement for a lease.

(3)

In the application of this regulation to Scotland, “land of freehold tenure” means land in respect of which the LLP is the owner; “land of leasehold tenure” means land of which the company is the tenant under a lease.