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Importance of strong foundations
Key points
- Distinguish between works that go into constructing or converting a building and the onward supply of the property.
- Professional fees – such as architects and surveyors – will be standard rated.
- First grant of a major interest in a new dwelling is zero rated.
- Conversion works are usually subject to the reduced rate of VAT.
- Care needed over option to tax elections.
Atopic that many students taking the Association of Taxation Technicians paper 6 struggle with is VAT on land and buildings. This is not surprising nor are these struggles confined to students. Land and buildings is an area in which more or less every tricky part of VAT has the potential to converge neatly – or not so neatly – at the same time. These big hitting VAT issues include but are not limited to VAT liability partial exemption the capital goods scheme...
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