VAT on property​

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VAT on property is a complex area of taxation and given the potential consequences of applying the provisions incorrectly, it is important to seek advice before undertaking a property transaction. With the increase in property transactions in recent times, Bradley Tax Consulting is experienced in guiding clients through the VAT on property provisions from the perspectives of developer, purchaser, vendor, landlord and tenant. We can assist with:

 

• The VAT implication of developers acquiring property and developing same whether with a ‘build to sell’ or ‘build to hold’ strategy.   

 

• Reviewing the VAT aspects of contracts.

 

• Drafting VAT clauses for sales contracts and leases.

 

• The application of the VAT on property rules to properties whether they are subject to the ‘old rules’, ‘transitional rules’ or ‘new rules’.

 

• The review of a property’s historical VAT position prior to a transaction.

 

• Managing the Capital Goods Scheme including the calculation of annual adjustments and record keeping.

 

• The VAT implications of tenant created capital goods, e.g. major office refurbishments.

 

• Identifying whether transfer of business relief may apply.