The following Value Added Tax guidance note Produced by Tolley provides comprehensive and up to date tax information covering:
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 looks at land and property issues associated with TOGCs, specifically:
the rules that apply to ‘standard-rated’ land and buildings transferred as part of a TOGC
For an overview of TOGCs more broadly, see the TOGC ― overview guidance note.
In-depth commentary on the legislation and case law can be found in De Voil Indirect Tax Service V2.226.
Additional conditions apply to certain land and buildings transferred as part of a TOGC. If these conditions aren’t satisfied, then the land and buildings will not be included within the TOGC and instead VAT will need to be charged on the supply of land and buildings. It should be emphasised that this does not affect the rest of the transfer which may qualify for the TOGC treatment provided it meets the conditions described in the TOGC ― conditions guidance note.
To establish if a transfer of land and property must be treated as a TOGC see our interactive flowchart.. Alternatively, for a static pdf version, see the Flowchart ― transferring land and property as part of a TOGC.
The rules affect land and buildings which would normally be taxable if they were supplied, namely:
the freehold in certain new or partly completed buildings which would be standard-rated under the provisions set out in the Supplies liable to VAT at the standard rate guidance note
the supply of land and
**Free trials are only available to individuals based in the UK. We may terminate this trial at any time or decide not to give a trial, for any reason.
Access this article and thousands of others like it free for 7 days with a trial of TolleyGuidance.
Read full article
Already a subscriber? Login
This guidance note provides details of quarterly instalment payments (QIPs) for corporation tax purposes and which companies need to pay their tax liabilities in this manner.Generally, corporation tax is payable nine months and one day after the end of the relevant accounting period. However, large
Expenditure of a capital nature is not allowed as a deduction when calculating trading profits. Expenditure of a revenue nature is allowable, provided there is no specific statutory rule prohibiting a deduction and the expenditure also satisfies the wholly and exclusively test. See the Wholly and
The rent-a-room scheme was introduced in the early 1990s to encourage homeowners to take in lodgers.Fundamentally, the rent-a-room scheme is a relief which means that the rent received by an individual from a lodger (up to a prescribed limit) can be exempt from income tax. If the gross rents are
This guidance note provides an overview of the steps businesses need to take if aspects of their business change, and as a result, they need to notify HMRC about the change.Changes to name and / or addressIf a business changes its name and / or its address then it is required to notify HMRC of the
To view our latest tax guidance content, sign in to Tolley Guidance or register for a free trial.