By Tim Buss
This is often a vital file for the non VAT expert excited about estate transactions both as an investor, occupier or expert advisor.This document is principally useful in that it: deals a transparent and complete review of a posh topic; includes key making plans issues, suggestions and strategies; indicates you the place the traps and pitfalls lie and the way to prevent them; offers tips on VAT legal responsibility and accounting; written via a VAT specialist and former VAT Inspector.This file is written at a time of significant uncertainty within the VAT and estate global. on the time of writing vital judgements of the eu courtroom of Justice are awaited, fairly the Halifax case (see bankruptcy 9). This file offers with the complexities of united kingdom and european laws, and gives a useful evaluate of the results of business estate transactions. Residential estate transactions are lined the place they relate to conversions to residential from nonresidential estate.
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Extra resources for VAT Liability and the Implications of Commercial Property Transactions (Thorogood Reports)
Sample text
Reason for permission regime Prior to 1 January 1992, no VAT on costs could be recovered if the costs were incurred prior to the effective date of an option unless the person concerned had not made any exempt supplies in the property. The permission regime was introduced by Customs to assist businesses which had made exempt supplies prior to opting in recovering VAT on costs incurred prior to the effective date of an option. Customs’ concern is to ensure that there is a fair and reasonable apportionment of VAT on costs between the future taxable and prior exempt supplies.
Two of the most significant are: The case of Fencing Supplies Limited In this case the company charged VAT on rent without consciously opting to tax. The property was then sold without a charge to VAT. The VAT tribunal considered that charging VAT on rent was enough to mean that the company had opted, so that VAT was also due on the sale of the property. It should be noted that at the time of this decision, the rules did not require all options to be notified. The outcome of a similar case may be different now, since to be valid, all options have to be notified to Customs.
3. If the land is owned jointly beneficially then both could opt with Simon holding the legal interest. In strict law two invoices would have to be issued to the purchaser to reflect VAT on the wholesale proceeds. As far as VAT recovery is concerned, Simon will have employed the contractors and is the only one who can recover VAT. However, Simon will have made a supply to Paul when recharging half the costs. Simon accounts for output tax with Paul recovering the VAT charged as input tax. Alternatively, Simon issues the sale invoice but Paul charges VAT to Simon on his share of the proceeds.