The following Corporation Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
The VAT treatment of transactions relating to land and property is very complex and care needs to be taken when determining the correct VAT treatment of the transaction that will be undertaken. This guidance note is intended to provide you with a brief overview of the main points that need to be considered. This guidance note also contains links to other guidance notes that provide a more in-depth analysis of the points raised.
The following section provides a brief overview of the most common types of land and property transactions:
For VAT purposes, the term 'land' includes any of the following:
A business makes a supply of land if it grants one of the following:
An interest in land includes a 'legal' or 'beneficial' interest in the land. A legal interest usually constitutes some formal ownership of an interest or right of land (ie a freehold or leasehold interest). A beneficial interest is the right to receive the benefit of any supplies made in the land in question; another party could own the legal
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login