VAT on Sale of Property During Wind up
I've been asked the question of whether VAT is applicable to the sale of a property during a business wind up?
It is relation to a VAT registered partnership that has ceased trading and are in the process of realising assets to pay as much of the shortfall to creditors as possible.
The partnership owned a property that was utilised for the staff offices and the factory to produce their goods (i.e. the company did not trade in commercial property)the property has a charge over it from the bank for its entire value.
It is currently on the market for sale but they are unsure if when a sale occurs it will be subject to VAT?
Please could someone advise, or point me to where I could find further information?
Thanks in advance
- Practice management 139 1
- Watch out self-assessment scam e-mail 210 4
- Conversion from UK GAAP to IFRS 81 1
- IHT and cash gifts 51 1
- Childcare voucher schemes 132 7
- Clothing 153 4
- VAT registration transfer 147 3
- Previous auditor threatening to sue our firm for unpaid fees 571 30
- Sponsorship & VAT 86 1
- CT/CO'S HOUSE DATES ALLIGNMENT 98 2
- Director drawings 392 31
- IRIS opentax login problems?! 322 3
- Online Payroll with Auto Enrolment 92 1
- HMRC SA302s 203 3
- What does the "K" signify 430 7
- Director or self-employed 146 1
- The Copyright Licensing Agency 127 3
- Reporting foreign income in Self-Assessment Tax Return 142 3
- What sectors to target? 202 7
- Adding employers clients on LinkedIn 133 2
- Form MR01 (Particulars of a charge) - does this need to be filed if you remortgage with the same lender? 905
- Underpaid VAT assessment and relation to SATR 610
- Did you realise Google will not patch android exploit ... 577
- Latest phishing scam 531
- Cashback for opening business bank acct = trading income? 375
- Corporate LLP with 30 June Year end - How to record on SA800? 343
- Auto Enrolment Questions Answered 281
- Loan benefit after person ceases as director/employee 199
- Capital allowances in first basis period 187
- Sabbatical payments 175