In the recent case of Marks and Spencer plc v BNP Paribas Securities Services Trust Company (Jersey) Ltd and another [2015] UKSC 72, a tenant exercised a break right and then sought to recover the proportion of the rent already paid in advance that related to the period after the lease had come to an end.

The tenant argued that there was an implied term requiring the landlord to refund this sum. The Supreme Court rejected that argument.

This note considers the Supreme Court’s reasoning and sets out its practical consequences for both landlords and tenants.