Is This Subject to VAT? | AccountingWEB

Is This Subject to VAT?

Hi all,

I hope someone could be so kind as to assist with this:  I understand that if a Bed & Breakfast (Commercial Premises) is sold by the owner to another person that the sale is subject to VAT if the premesis are to be used for anything other than a B&B and is not subject to VAT if sold to another party whom will continue to operate as a B&B.  I may have misunderstood this and could be completely wrong.  Could anyone Clarify?

Assuming that the above is correct - How does this translate to a situation where the Premises have been handed over to a fixed charge receiver for the Bank with the business having closed and then being sold buy the FCR for the Bank.  i.e. is there any VAT invovled?

Thanks in advance for any response.



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girlofwight |

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