Option not to tax building

Option not to tax building

Didn't find your answer?

Our client took specialist advice and decided to opt not to tax the sale of a building which was to be used for residential purposes. Our client is a property mgt company and is vat registered. The sale of the property is vat exempt then. Does this mean they can't claim the input vat on any costs related to the sale of this particular property eg sales commission paid, vat consultancy costs.

Many thanks

Tracy

Replies (1)

Please login or register to join the discussion.

avatar
By Taxbreak
11th Nov 2013 13:23

VAT is likely to be a cost

Unless the amount of VAT incurred in relation to the disposal of the land is within the partial exemption de minimis limit then the VAT will not be recoverable.

Thanks (0)