Sale or grant of a long lease ― major interests

Produced by Tolley
Sale or grant of a long lease ― major interests

The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:

  • Sale or grant of a long lease ― major interests
  • What is the grant of a major interest?
  • Do break clauses in a lease stop it from being a major interest?
  • When is the grant the first grant of a major interest?
  • What happens if a major interest is granted within a VAT group?
  • What happens when an exempt supply is made before the first grant?
  • Practical point ― major interests

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marked the end of the Brexit transition / implementation period entered into following the UK’s withdrawal from the EU. At this point in time, key transitional arrangements came to an end and significant changes began to take effect across the UK’s VAT and customs regime. This document contains guidance on subjects potentially impacted by these changes. Before continuing your research, see the Brexit — overview guidance note.

This guidance note provides commentary on the meaning of a ‘major interest’. The first grant of a major interest in land and buildings can be zero-rated in a number of circumstances:

  1. when certain new buildings have been constructed, see the Sale or grant of a long lease ― zero-rating for newly constructed buildings guidance note

  2. when certain non-residential buildings have been converted for residential use, see the Sale or grant of a long lease ― zero-rating for newly converted buildings guidance note

  3. when certain prot

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