Land and buildings ― buying and selling ― overview

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

This guidance note provides an overview of the VAT issues relating to buying and selling land and buildings. For detailed commentary, see De Voil Indirect Tax Service V4.102.

What is the VAT treatment of the sale of land or a building?

The VAT treatment of the sale of land or a building depends on the facts. Depending on the facts, a transaction may be:

•
zero-rated ― for example, the sale of a new dwelling by the person that has constructed it
•
exempt from VAT ― for example, the sale of bare land the seller has not opted to tax
•
outside the scope of VAT ― for example, the sale of land and buildings in the context of a business as a going concern
•
standard-rated ― for example, the sale of land and buildings the seller has opted to tax

A key factor that can influence the VAT treatment is the type of property being sold. For example, whether it is commercial property, dwellings, residential or charitable

Continue reading

To read the full Guidance note, register for a free trial of Tolley+™

TAKE A FREE TRIAL

Popular Articles

Owner-Managed Businesses

Wholly and exclusively

Wholly and exclusivelyFor both income tax and corporation tax purposes, one of the fundamental conditions that must be satisfied for an item of expenditure to be deductible, is that it must incurred ‘wholly and exclusively’ for the purposes of the trade, profession or vocation. References to CTA

14 Jul 2020 14:00 | Produced by Tolley Read more

Employment Tax

Subsistence expenses

Subsistence expensesIntroductionSubsistence is the amount incurred as a consequence of business travel. Typically it relates to accommodation and meal costs incurred. These amounts are allowed because they are associated with the necessary travel which is not to a permanent workplace. See the Travel

14 Jul 2020 13:43 | Produced by Tolley in association with Philip Rutherford Read more

Corporation Tax

Terminal trading loss relief

Terminal trading loss reliefTerminal loss relief for trade losses in the final 12 monthsTrading losses incurred by a company in the final 12 months leading up to the discontinuance of trade may be carried back for up to three years from the period beginning immediately before that 12-month period.

14 Jul 2020 13:49 | Produced by Tolley Read more

��Ӱ��