The freehold sales of 'new' commercial buildings are standard rated1. The general rule is that a building is 'new' if it was completed less than three years before the sale2. A building completed before 1 April 1989 may still be 'new' but only if it was not fully occupied before that date and the relevant sale is the first such sale taking place after that date3. The freehold sale of 'old' commercial buildings is exempt from value added tax4. All grants of leases and assignments
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