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This guidance note provides an overview of the VAT implications of acquiring land and buildings located in the UK and outside the UK.

Property may be acquired by:

1. •

   buying it

2. •

   constructing a new building

3. •

   creating a building by converting an existing building

4. •

   extending an existing building

5. •

   renovating an existing building

One method of acquiring property is to buy exactly what is required. Other methods may include a combination the above. For example, a person may buy land and arrange for a new building to be constructed on it, or buy an existing non-residential building and arrange for it to be converted into a dwelling.

This guidance note summarises the VAT issues on acquiring property. For a similar summary of the VAT issues on disposing of a property, see the VAT on property disposals guidance note.