Commentary

V7.161 VAT deregistration—land and property issues

Part V7 Tax planning
Part V7 Tax planning | Commentary

V7.161 VAT deregistration—land and property issues

Part V7 Tax planning | Commentary

V7.161 VAT deregistration—land and property issues

As explained at V7.159 above, output tax is due on the value of any stock and assets owned by the business at the time of deregistration.

In the case of land and property, a number of different situations apply as far as output tax is concerned at the time of deregistration.

Note – in the examples that follow, it is assumed that a business is deregistering on the basis of reduced turnover but is retaining land or buildings within the business.

  1.  

    •     The supply of land or buildings was exempt but the option to tax was exercised after that date by the

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