Publisher's Synopsis
This book explains the effects of the complex VAT legislation which has radically altered land, construction and property transactions. The harsh new penalty regime has highlighted the importance of this complex area as the combination of simple errors and large sums of money has led to a significant number of larger penalties.;The text covers what ought to be written into a land contract or lease, what the VAT liability of land transactions is, ways in which the VAT law can be interpreted and the available concessions, and how to advise a client who is buying, selling, entering into a lease or negotiating a rent review.;Chapters on each type of person involved, whether buyer or seller, are designed to enable advisors or business management to consult the chapter that affects them and which covers not only their own VAT liabilities but also those of the party from whom they are buying. This second edition includes the January 1992 changes to the self-supply rules and other amendments made by the VAT (Buildings and Land) Order 1991. It gives guidance on whether the sale of partly developed projects or of an investment property can be treated as a transfer of business and how all parties should proceed. Changes on sporting rights and holiday accommodation are detailed. The effects of recent appeals are considered, and the latest industry agreement on Section Agreements is reflected. This edition also reports on the proposed legislation for the self-supply rules for extensions and alterations of commercial buildings and how it is proposed that the existing rules will be applied to leases.
