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04 August 2015
Mixed use; Continuing business?; Letting repairs; Channel Islands rent
Mixed use
Must VAT be charged on the sale a mixed-use let building with an option to tax?
My client has offered to buy the freehold of a two-storey building for £1m plus any VAT due. The building consists of an office on the ground floor which is leased to my practice and a flat on the first floor which is let out as a dwelling. Each floor represents 50% of the value of the building.
The vendor is keen to complete the deal and retire abroad but I am concerned about the £100 000 VAT charge the vendor insists is due. There is no doubt that the vendor has opted to tax the building but the provisions relating to the transfer of a going concern appear...
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