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Twenty years on...

08 February 2011 / Neil Warren
Issue: 4291 / Categories: Comment & Analysis , Land & property , VAT
NEIL WARREN gives practical examples of how large amounts of VAT and SDLT can be saved if an option to tax election is revoked after two decades

KEY POINTS

  • Why is there an option to charge VAT?
  • Interaction with a TOGC.
  • Watch out for the end of the 20-year limit.
  • Does your client’s landlord need to charge VAT?
  • Must a property buyer also opt to tax?
  • Anti-avoidance measures and overriding the option.

In 24 hours time every single person in the world will be older than they are today. That’s a fact. And the number of people in the world who are divorced will also be a higher figure than today. That’s a fact. And the number of commercial property owners and tenants that can benefit from big VAT savings will be higher tomorrow than it is today… yes you’ve guessed it: that’s a fact.

An important feature of the option to tax regulations...

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