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.
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.