The following Value Added Tax guidance note by Tolley provides comprehensive and up to date tax information covering:
This guidance note provides an overview of the VAT treatment of the sale or grant of a long lease in a protected building. Please note that Scotland has different rules and this guidance notes does not cover supplies taking place within Scotland.
The VAT treatment was amended with effect from 1 October 2012. The grant of a major interest in a substantially reconstructed protected building can no longer be zero-rated where the zero-rating was obtained because 60% of the cost of the work relates to approved alteration works.
Zero-rating will still apply to the first grant of a major interest of a substantially reconstructed building that has been reconstructed from a shell. The business will need to ensure that they satisfy the ‘total gutting’ test explained below.
A protected building is one of the following:
**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
To view our latest tax guidance content, sign in to Tolley® Guidance or register for a free trial.