VAT for Property Lawyers - A Practical Guide

Introduction

VAT is a tricky subject at the best of times and particularly so for property lawyers.

This interactive virtual classroom seminar focuses on the sector only and aims to provide clarity and certainty in dealing with these complex client matters. Knowing what the rules are and where the unfortunate and innocent bear traps are, is obviously vital in this sector.

This virtual classroom session is set at an intermediate level and so a good grasp of general VAT is assumed.

What You Will Learn

This live and interactive course will cover the following:

• A very brief reminder of VAT fundaments
• Taxable supplies, exempt supplies and outside the scope of VAT transactions
• VAT recovery position for your client on projects
• Deemed and self-supplies
• Commercial and non-commercial buildings
• Exempt, standard-rated and zero-rated property transactions
• Very important distinctions - construction and supply
• Planning gain agreements
• Put and call options
• Joint ventures - the dangers
• VAT place of supply - dealing with non-UK property transactions (for your firm and clients)
• The VAT Option to Tax and how it works
• All the salient points and precautions to take for your client
• The VAT anti-avoidance provisions - an overview, plus pointers to avoid the bear traps
• Supplies between landlords and tenants
• Grants, assignments, surrenders and inducements (reverse premiums)
• Variation of leases
• Rent free periods
• Dilapidations
• Service and extra charges
• Other things - Restricted covenants; VAT on third party legal costs; Indemnity payments and mesne profits and planning issues
• Transfers of Going Concerns (TOGCs) with property
• How they work and how to draft contract clauses dealing with them
• Dealing with the firm’s own VAT
• Disbursements and VAT - the correct thought process
• Property and other searches - the current position following Brabners and Prosser and the Law Society’s guidance
• Counsel fees

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.