vat - partial exemption

vat - partial exemption

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Our partnership client runs a successful retail business. They have paid £117500 inc vat to acquire a 99 year lease interest. The partnership will fit out premises and trade as a restaurant - all in the name of the partnership. When the restaurant is open the partnership will cease trading of the shops and rent them out.
My question relates to any difficulties with partial exemption on a) the payment to acquire the leasehold interest - I would not have thought so and b) when rent is received by the partners. Am I correct in thinking that this would be a private transaction and not a business supply hence no impact on full recovery of input costs on the restaurant development and trade.
Comments would be appreciated
brian connor

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