What do you think would happen if one would avoid paying taxes?

If you still refrain from paying, the IRS obtains a legal claim to your property and assets (“lien”) and, after that, can even seize that property or garnish your wages (“levy”). In the most serious cases, you can even go to jail for up to five years for committing tax evasion.

What principle tells us that we do not have to pay tax when we receive our own money back?

The two definitions are: The Benefits Received Principle, which is a theory of income tax fairness that says people should pay taxes based on the benefits they receive from the government.

If you do not pay your taxes by the due date, you will begin to accrue interest and penalties on the outstanding amounts. As time goes on, you may be subject to liens on your property or garnishment of your wages. In the most extreme tax evasion situations, you may even be subject to up to 5 years in jail.

What does the leaseholder association ( La ) do?

The Leaseholder Association (LA) provides specialist advice to its members to explain their rights and obligations and those of the landlord or managers in respect of the lease and the relevant legislation.

Who is responsible for the loss of a lease?

The Leaseholder Association assumes no responsibility or liability for any injury, loss or damage incurred as a result of any use or reliance upon the information and material contained herein.

Can a lease variation be made under the LTA?

Section 36 of the LTA allows other parties to apply to the FTT to have their leases varied accordingly where an order has been made under Section 35 to vary a lease in the block that is the same or similar to the lease relating to their flat.

Can a lease in common be changed on a voluntary basis?

Lease variations ‘Leases in common’, usually in respect of all properties contributing towards the same service charge, can be varied on a voluntary basis if there is 100% agreement of all of the parties, including the freeholder.