Q&As

Is VAT due on a premium paid for the assignment of an existing long lease of a parking garage? Is the answer different if the buyer owns nearby domestic property?

read titleRead full title
Published on LexisPSL on 02/03/2020

The following Tax Q&A provides comprehensive and up to date legal information covering:

  • Is VAT due on a premium paid for the assignment of an existing long lease of a parking garage? Is the answer different if the buyer owns nearby domestic property?

Is VAT due on a premium paid for the assignment of an existing long lease of a parking garage? Is the answer different if the buyer owns nearby domestic property?

We have assumed that the seller has not exercised the option to tax the property in question, and that it is clear that the garage is specifically designed for parking vehicles.

The grant of facilities for parking a vehicle is standard-rated for VAT purposes. In HMRC’s view, for these purposes, a grant includes the assignment of a long lease. According to this view, the assignment of a long lease of a parking garage would be standard-rated for VAT purposes.

It is

Related documents:

Popular documents