VAT

The following is a brief outline of relevant issues, it not a comprehensive guide, for specific enquiries contact Property Taxation Specialists.

• VAT is probably the most difficult area of property taxation; to detail its components parts would involve a substantial treatise.
• We advise on a range of issues and areas mainly in the areas of common pitfalls involved in property transactions.
• Standard rating as a matter of law, for example most non-residential, new freehold properties less than three years old, partly constructed buildings, new civil engineering works.
• The Option to Tax.
• The permission regime.
• Dis-application of an option to tax by Customs and Excise.
• Transfers of Going Concerns.
• Capital Goods Scheme issues.
• Repairs and maintenance in Listed Buildings.
• Zero rating.
• Conversions of property to residential use-age.
• Rents, reverse premiums, service charges.
• Transaction planning, pitfall avoidance.