VAT ON PURCHASE OF COMMERCIAL OFFICES
I just have question related to VAT. A partnership is looking to purchase a commercial property (offices) for approximately £700-£750K + VAT.
My question is related to the VAT element.
Is the VAT amount paid for the property regarded as a straight forward INPUT VAT that can be claimed back in full once the purchase has been made.
I was told that because it is a capital expenditure that the INPUT VAT would have to be claimed back over the 10 year period?
Thanks in advance for your help.