293. Commercial property.

The freehold sale of a new non-residential building within three years of the date of completion is standard-rated for value added tax (VAT)1 purposes; but other dealings with commercial property are exempt subject to the option to tax2. If the option to tax has been exercised and notified to Her Majesty's Revenue and Customs3 within 30 days the standard rate will apply4. The sale of a let property by a VAT-registered seller to a VAT-registered buyer may be treated as the sale of a business as a going concern, so that VAT will not be chargeable, provided that the