VAT Option to tax Commercial Property

A client opted to tax a commercial property for VAT a few years back. VAT was reclaimed on some major works on it.

He is now wishing to convert the whole property into flats for residential use, to which VAT does not apply. What happens to the earlier option to tax and will he need to repay any VAT?

Comments
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disapplied

Anonymous |

Thanks....

Johnday72 |

The option would not be disapplied

Anonymous |

That is very helpful....

Johnday72 |

Hi Johnday

Anonymous |

Definitive advice

Anonymous |