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VAT on Property Transactions 2nd ed


ISBN13: 9780853085607
ISBN: 0853085609
Published: July 1999
Publisher: LexisNexis Butterworths
Format: Paperback
Price: Out of print



This practical text adresses key VAT concepts and their applications to commercial property transactions, including service charges and rent reviews. The book aims to help the reader to: be fully appraised of the VAT implications on transactions; advise clients of the tax issues inherent in the proposed activity and what appropriate action can be taken; brief VAT specialists who may be called in for planning advice; and draft documentation taking account of the tax consequences of the transaction. In addition, common problems are addressed and extensive planning advice, examples and checklists to illustrate key points are given.

Contents:
The basics of value added tax; exemption and partial exemption; basics of VAT on land transactions; election to waive exemption; the special rule for a transfer of a business as a going concern; insolvency
particular problems of mortgagees in possession and law of property act receivers; sales and first letting of newly constructed, converted or altered business; VAT standard rated construction services; VAT zero rated construction services; protected (or listed) buildings; service charges; leases - rent free; leases - cash inducements; leases - surrenders, variations and assignments; charges to tenants of landlord's costs; the capital goods scheme; developmental leases. Appendices: Income and Corporation Taxes Act 1988 s839; specimen VAT invoice for property transactions; reproduction of appendix B of C&E notice 700/9; TOGC clause for property sale agreement; specimen certificates; VAT zero rated building material; local VAT offices.