13 April 2006
My husband and wife clients recently acquired a long leasehold interest on a plot of land in a new urban shopping development where they will build a restaurant. They paid £100,000 for the lease and estimate that it will cost £200,000 to build the restaurant and a further £250,000 to fit out. Whilst I am confident regarding the direct tax implications, could readers summarise the VAT position on the property? I am particularly interested in the pros and cons of the option to tax.
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