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