The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
A business' ability to recover VAT incurred on costs associated with land and property will depend upon a number of factors, which are explained below.
The following provides an overview of the main rules:
The following provides an overview of when VAT can be recovered before a business opted to tax.
Certain supplies of 'new' land and property are automatically liable to VAT. Please see the Supplies liable to VAT at the standard rate guidance note. Any VAT incurred on costs associated with supplies of taxable land and property will be recoverable in full.
However, many supplies of land and property are exempt from VAT and will only become liable to VAT if the supplier opts to tax. A business can only recover VAT on costs if it
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