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DOCUMENTS REQUIRED TO PROCESS GOVERNOR'S CONSENT IN LAGOS STATE:

These are immediate documents required to submit application for Governor's consent:

1. Completed and duly signed Form 1C by the assignor(s) & assignee(s).

2. Certified True Copy of assignor's (seller’s) title document.

3. Three passport photographs of the assignee(s) on white background (signed at the back).

4. Three copies of duly signed Deed of Assignment (assignee(s) is/ are to sign at the bottom on all the pages).

5. Chartable survey plans (To be inserted in all copies of the deeds).

6. Receipt of payments for charting.

7. Receipt of payments for endorsement & form 1c.

8. Site photography showing adjoining properties, date & time.

9. Site location sketch .

10. Photocopy of I'D Card of Assignee(s) agent or representative

Documents that will be required to further the processing after the assessment letter had been issued and payments effected.

1. Receipt of payment for consent fee - 1.5% of land/property value.

2. Receipt of payment for capital gain tax- 0.5% of land/property value.

3. Receipt of payment for stamp duty - 0.5% of land/property value.

4. Receipt of payment for registration fee- 0.5% of land/property value.

All the above fees shall be calculated by the officials at lands bureau and the amounts payable shall be contained in an official letter to be issued at lands.

After the assessment letter had been issued and payments effected, the file will move for further processing. However, at the advance stage of completion, evidence of current tax payments by the assignee(s) and the assignor(s) shall be demanded. If the consent applicant could not present the tax receipts. Then, direct tax assessment shall be issued via a letter by Lagos Internal Revenue Services and the applicant will have to present the following to further the processing:

1. Receipt of payment for direct tax assessment by the assignor(s) or evidence of income tax payment .

2. Receipt of payment for direct tax assessment by the assignee(s) or evidence of income tax payment.

3. Payment for Ground Rent to be calculated at lands (usually 0.035% of land value/year.

Finally, prior to registration of the deeds after being signed and stamped by the authorized commissioner on behalf of the state governor, the Original title document(i.e C of O or registered Deed as the case may be) must be presented for sighting.

But if the root title is a global C of O or Deed, then their must be a signed cover letter from the landowner(s) or vendor to confirm that the portion of land/property had been sold to the assignee(s). This is mandatory prior to registration of the deed, so please ensure your lawyer or agent get you this letter from the seller(s).

STANDARD FORMAT FOR DEED OF ASSIGNMENT TO BE ACCEPTABLE FOR GOVERNOR'S CONSENT.

1. The cover page should contain full name of the assignor(s), full name of the assignee(s) and should be properly indicated accordingly.

2. The cover page should contain full address/location of the land/property assigned.

3. The name, address, phone contact, signature and NBA seal of the lawyer that prepared the deed must be on the cover page.

4. The portion where the assignor(s), assignee(s) and the representative of the state governor will sign should be on same page or printed back to back. It shouldn't be different pages.

5. All the pages of the deeds must be numbered.

6. One passport photography of the assignee or the assignees on white background, duly signed at the back must be stapled at the top corner(s) of the cover page of each deed.

7. The assignee or assignees must sign at the bottom on all pages of the deeds.
For further enquiries, do not hesitate to contact +2348032296562, +2349049045703.

Thank you.

What The New Tax Law Say About Rent Relief (N500k Cap)

The Federal Government had just signed the new tax law and it gives some relief to people who pay rent, but only up to a certain limit.

How it works:

For employees and tax payers that pay rent on a house or apartment, they can now get a tax deduction based on the tax relief cap, which means they’ll pay a little less tax. However, the relief is limited (or capped) at ₦500,000 per year.

For Example:

* Assuming you pay yearly rent of ₦400,000 you can deduct the full ₦400,000 from your taxable income.

* But if your yearly rent is say ₦900,000, you are only entitled to deduct ₦500,000 from your taxable income and not the full ₦900,000.

What does this "deduction" mean?

If your annual income is, say, ₦5 million, and you qualify for the rent relief:

* Without relief: You’re taxed on the entire ₦5 million. But with the ₦500k rent relief: You’re taxed on ₦4.5 million instead.

So, you save some money on tax, thanks to the rent deduction.

Who Benefits Most?

People with lower rents (especially under ₦500k/year) and formal income (salary earners who file taxes) are the ones who benefit the most.

Do you think the tax relief cap should be increased going by high rent charged by landlords or the N500k cap is fine.

Thanks for reading through and your comments.