Thorogood Reports Series Read Description

VAT Liability and the Implications of Commercial Property Transactions

Spiral bound
June 2005
More details
  • Publisher
  • Published
    15th June 2005
  • ISBN 9781854183071
  • Language English
  • Pages 101 pp.
  • Size 8.25" x 11.75"

This is an essential report for the non VAT specialist involved in property transactions either as an investor, occupier or professional advisor.
This report is especially valuable in that it: offers a clear and comprehensive overview of a complex subject; contains key planning points, tips and techniques; shows you where the traps and pitfalls lie and how to avoid them; provides guidance on VAT liability and accounting; written by a VAT expert and previous VAT Inspector.

This report is written at a time of great uncertainty in the VAT and property world. At the time of writing important decisions of the European Court of Justice are awaited, particularly the Halifax case (see Chapter 9). This report deals with the complexities of UK and EU legislation, and provides an invaluable overview of the implications of commercial property transactions. Residential property transactions are covered where they relate to conversions to residential from nonresidential property.

VAT general principles; Property transactions; Land and licence to occupy land; Option to VAT; VAT on transactions relating to leases; Calculating recoverable VAT in the property sector; Capital goods scheme; Transfer of going concerns; VAT avoidance; Conversion to dwellings and RRP buildings; Option to tax--past, present and future; Appendix--ten trips and ten traps.

Tim Buss

Tim Buss is a VAT Director with accountants and business advisors PKF, specializing in VAT and property issues. He has represented clients at VAT tribunals including SEH Holdings referred to in this report. Prior to joining PKF in 1989, he spent 16 years in H.M. Customs & Excise (Customs) as a VAT inspector. Buss is an associate and council member of the Institute of Indirect Taxation and in 2002 was appointed the Institute's Director of Education. He writes and lectures regularly on a range of VAT issues.