Hi,
I have a clients who many years ago decided to demolish the garage to the rear of their residential property [a bungalow] and build a small two room office on the same site. The prospect of retirement now looms and the question of CGT and Vat arises. The Vat registered business [sole proprietor at the time of the build] reclaimed Vat on certain of the construction work and the question is:
Is it necessary to have the small office building of two rooms and no other facilities [which under the planning permission is required to revert to residential on the
business ceasing] independently valued for both Vat and CGT purposes?
Many Thanks,
Peter Reader