VAT on Commercial Property
2008 brought major changes to the rules in connection with VAT on commercial property with the introduction of a Schedule 10 VAT Act 1994.
Some changes were simple like the 'official' change from 'waiving the exemption' to 'opting to tax'. Some other changes were very technical, and the use of some forms is now compulsory. The Schedule has already been amended by statutory instruments which came in to force in April 2010 and amends grants made to social landlords.
You are instructed in connection with the purchase of a commercial property. Do you know if your client has made a REE? What difference does it make anyway? What if the property is subject to an existing tenancy?
From 1 August 2009 it became possible to revoke the election, where the election was made 20 years previously. In the current commercial property market, anything that makes an empty property more attractive to some prospective tenants will be of interest to landlords. Can you advise them?
This seminar will explain the current rules on VAT on commercial property, and in particular how it affects property transactions.
What You Will Learn
- Schedule 10 VAT Act 1994 - Option to tax
- Statutory instruments which came into force in April 2010
- Cooling off period and revocations
- Single option for land and property
- Renting out new homes
- Revoking the election after 20 years
- TOGC rules
Please let us know if you wish to be notified.
Please let us know if you wish to be notified when new dates are added for this programme