RCB/36/09 VAT—the VAT treatment of deposits relating to sales of land on which dwellings are to be constructedRevenue & Customs Brief, Issue 8. July 2009This Revenue & Customs Brief clarifies HM Revenue and Customs' (HMRC) view on how deposits paid in relation to sales of land, and in particular sales by developers to registered social landlords (RSLs), should be treated.BackgroundWhere development land is sold to RSLs, it is normal for a deposit to be paid at the time of exchange of contracts when construction has not commenced and the land is bare land. In many cases this deposit will
Revenue & Customs Brief, Issue 8. July 2009
This Revenue & Customs Brief clarifies HM Revenue and Customs' (HMRC) view on how deposits paid in relation to sales of land, and in particular sales by developers to registered social landlords (RSLs), should be treated.
Where development land is sold to RSLs, it is normal for a deposit to be paid at the time of exchange of contracts when construction has not commenced and the land is bare land. In many cases this deposit will
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