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Status: Please note you should read all Brexit changes to the FCA Handbook and BTS alongside the main FCA transitional directions. Where these directions apply the 'standstill', firms have the choice between complying with the pre-IP completion day rules, or the post-IP completion day rules. To see a full list of Handbook modules affected, please see Annex B to the main FCA transitional directions.

net annual rent

    (in LR ) (in relation to a property) the current income or income estimated by the valuer:

      1. (a) ignoring any special receipts or deductions arising from the property;
      1. (b) excluding Value Added Tax and before taxation (including tax on profits and any allowances for interest on capital or loans); and
      1. (c) after making deductions for superior rents (but not for amortisation) and any disbursements including, if appropriate, expenses of managing the property and allowances to maintain it in a condition to command its rent.15