An individual bought a (closed) public house and opted to tax in order to claim vat back on purchase of property. The building became rundown and was demolished. Is there any possibility of having to repay the vat claimed on purchase either by deregistering or by selling the land?
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What taxable supplies were made in relation to the property, if any?
Did the owner opt to tax the building, or the land? (See Notice 742A, para 2.1.)
And, why did he not seek fuller advice earlier?