Land and Property - One of the most notoriously complex areas of VAT

If Land and Property projects are managed carefully, the potential for VAT savings is enormous.

Planning a new building project or entering into a commercial property purchase is a particularly complicated process even before you take into consideration the cost and VAT implications where many issues can arise. For example:

  • Does the property carry an option to tax?
  • Can the property be transferred as a going concern removing the VAT charge?
  • Do you need to consider its inclusion as a Capital Goods Scheme Item?
  • Can the alteration works to a listed property still benefit from zero-rating following the changes announced in the 2012 Budget?
  • Will the renovation or conversion of your property be eligible for the reduced rate of 5%?
  • Will the property benefit from zero-rating as a Relevant Charitable or Relevant Residential Property?
  • Can the property be sold as a taxable supply, allowing recovery of VAT on costs or will it be VAT exempt with no recovery?

When it comes to Land and Property VAT, there typically isn't a one-rule-fits-all solution - our specialists can help you reduce VAT as a cost to your project. We have significant experience of this area built up over a number of years and it continues to be one area where clients regularly turn to us knowing they will receive specialist and practical advice.

VAT Disputes and Appeals
We always seek to have a good working relationship with HMRC and in the event that a client has a VAT or Customs Duty dispute with the Department we will look to resolve this by direct contact with the Officer concerned. Failing this we would access the Alternative Dispute Resolution process where applicable. However, we recognise that unfortunately, local resolution may not always be possible.

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The VAT Consultancy is a Cooperation Partner of WTS Alliance, the largest international network of firms specialising in tax advisory services and tax planning, with presence in about 100 countries worldwide >>>

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