SERVICES

Land and Property

If Land and Property projects are managed carefully, the potential for VAT savings is enormous.

Planning a new building project or entering into a commercial property purchase is a particularly complicated process even before you take into consideration the cost and VAT implications where many issues can arise.

For example:

  • Does the property carry an option to tax?
  • Can the property be transferred as a going concern removing the VAT charge?
  • Do you need to consider its inclusion as a Capital Goods Scheme Item?
  • Can the alteration works to a listed property still benefit from zero-rating following the changes announced in the 2012 Budget?
  • Will the renovation or conversion of your property be eligible for the reduced rate of 5%?
  • Will the property benefit from zero-rating as a Relevant Charitable or Relevant Residential Property?
  • Can the property be sold as a taxable supply, allowing recovery of VAT on costs or will it be VAT exempt with no recovery?

 

When it comes to Land and Property VAT, there typically isn’t a one-rule-fits-all solution – our specialists can help you reduce VAT as a cost to your project.  We have significant experience in this area built up over a number of years and it continues to be one area where clients regularly turn to us knowing they will receive specialist and practical advice.

 
RECENT PROJECTS INCLUDE THE FOLLOWING:
 
 
  • Advising a developer on the availability of VAT zero rating for the conversion of an existing property for residential use
  • Multiple projects relating to transfers of a going concern (TOGCs), advising on whether the sale of a property is a TOGC, assisting with purchaser or seller legal Agreements and clauses
  • Advising a commercial developer in relation to a speculative projects – VAT registration issues, timing of option to tax, advising on the intention rules and implications where the intention changes
  • Multiple projects for contractors and construction companies, advising on the applicability of the VAT zero rate to conversion projects (commercial to residential) and alteration /renovation of existing residential properties.
  • Charity – advice on VAT recovery in relation to major property project