VAT on property

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Practice notes
Unilateral relief, like double tax relief, aims to relieve double taxation. Subject to certain conditions being satisfied and specific limits,...
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9th Nov
Practice notes
Plant and machinery allowances are the most widely used form of capital allowance. Plant and machinery is often (wrongly) interpreted as if the terms...
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Produced in partnership with Martin Wilson 12th Jan
Practice notes
Brexit: As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has...
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Produced in partnership with Martin Shah and Gary Barnett of Simmons & Simmons LLP 12th Jan
Practice notes
It is market practice for a tax covenant, also known as a tax deed, to form part of the transaction documents in respect of a sale of all the shares...
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9th Nov
Practice notes
The reasons why a company might carry out a demerger, and the different ways in which a demerger may be structured, are described in Practice Notes:...
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Produced in partnership with Zoe Feller of Bird & Bird 12th Jan
Practice notes
It is standard market practice for loan agreements (also known as facility agreements), whether bilateral or syndicated, to:•prohibit a borrower from...
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Produced in partnership with Eloise Walker of Pinsent Masons 12th Jan
Practice notes
Coronavirus (COVID-19): HMRC has stated in its International Manual that if a financial institution cannot meet the FATCA reporting deadline of 31 May...
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Produced in partnership with Ali Kazimi and Chris Orchard of Hansuke Consulting Limited 12th Jan
Practice notes
This Practice Note is about the meaning of a scheme of reconstruction for tax purposes.Tax neutrality is maintained where a company (company A) enters...
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9th Nov
Practice notes
Where a dispute is brought to an end by a payment of damages or compensation, whether under a court order or an out-of-court settlement agreement:•the...
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9th Nov
Practice notes
The Enterprise Investment Scheme (EIS) is designed to encourage investment in smaller, higher-risk trading companies by offering a range of tax...
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9th Nov
Practice notes
The regime for property authorised investment funds (PAIFs, or as HMRC use in regulations and their published guidance, Property AIFs)) was introduced...
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Produced in partnership with Martin Shah of Simmons & Simmons LLP based on material originally written by Charles Goddard of Rosetta Tax LLP 12th Jan
Practice notes
The value shifting rules are anti-avoidance provisions. They are similar to the rules applying to depreciatory transactions in that they target the...
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9th Nov
Precedents
1 Withholding and grossing up 1.1 All sums payable under this [Agreement] by or on behalf of any party (for the...
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9th Nov
Practice notes
A management buyout, or MBO, involves the acquisition of a business by its existing management team usually with the help of private equity financing....
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9th Nov
Practice notes
The international movement of capital rules should be considered whenever:•any non-UK tax resident subsidiary (referred to in this note as a foreign...
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9th Nov
Practice notes
This Practice Note:•explains:◦the purpose of the tax indemnity clause that is normally found in a loan agreement, and◦that the standard drafting of...
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9th Nov

Most recent VAT on property content

Practice notes
This Practice Note is about the VAT reverse charge for building and construction work, which has applied since 1 March 2021.The charge was originally...
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Produced in partnership with Martin Scammell 12th Apr
Practice notes
This Practice Note is about the scope of the VAT exemption for property transactions. In many cases the exemption is overridden by other provisions,...
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Produced in partnership with Martin Scammell 12th Apr
Practice notes
FORTHCOMING CHANGES relating to insolvency and tax: Finance Act 2020 introduces provisions where:•HMRC becomes a secondary preferential unsecured...
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Produced in partnership with John Baldry of Temple Tax Chambers 9th Apr
Practice notes
This Practice Note is about the zero-rating of VAT for developers selling or leasing dwellings that they have constructed.Why does zero-rating...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the VAT treatment of residential service charges.Service charges payable to landlordsService charges are often payable to...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the VAT treatment of parking facilities.Why does this matter?Charges for parking are normally subject to VAT, but this...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the VAT treatment of storage facilities.Why does this matter?The provision of storage facilities became generally subject...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the VAT implications of overage payments.Why does this matter?Very broadly, VAT will be due on overage if the original...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the VAT treatment of partnerships, joint ventures and other entities in the context of property development and...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
Coronavirus (COVID-19): A temporary reduced (5%) rate of VAT applies to supplies of accommodation in hotels, B&Bs, campsites and caravan sites, and of...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the disapplication of the VAT option to tax (see Practice Note: The option to tax land and buildings) for residential and...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the VAT time of supply rules for property transactions. For an explanation of the general VAT time of supply rules, see...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the VAT treatment of non-residential service charges. General positionService charges are typically payable to the...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the zero-rating of VAT for developers selling or leasing non-residential buildings that they have converted for...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
FORTHCOMING CHANGE: HMRC is in the process of revising Revenue and Customs Brief 12 (2020) on the VAT treatment of early termination fees and...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the disapplication of the VAT option to tax (see Practice Note: The option to tax land and buildings) under anti-avoidance...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the VAT issues to consider on the grant of a lease or under an ongoing lease. These include:•whether VAT is...
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Produced in partnership with Martin Scammell 9th Apr
Practice notes
This Practice Note is about the VAT zero-rating for developers selling or leasing certain buildings, intended for use by charities, that they have...
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Produced in partnership with Martin Scammell 1st Apr
Practice notes
This Practice Note is about the VAT zero-rating for developers selling or leasing residential buildings, other than dwellings, that they have...
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Produced in partnership with Martin Scammell 1st Apr
Practice notes
FORTHCOMING CHANGE: HMRC published a call for evidence in 2019 on ‘simplifying’ the rules on VAT partial exemption and the CGS. This considered...
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Produced in partnership with Martin Scammell 24th Mar

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