The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
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:
For an overview of the liability of supplies of land more broadly, see the Overview of VAT and property issues guidance note.
Detailed commentary on legislation and case law concerning ‘major interests’ is found in De Voil Indirect Tax Service
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