VAT reclaimable on property | AccountingWEB

VAT reclaimable on property

If a property development business has reclaimed the input tax on building a new property, as the intention is to sell it, but then rents the property out, and does not charge output tax on the rental, what happens about the VAT already claimed?
They also buy and renovate old properties, to sell or rent. The input tax while under development falls under the partial exemption rule.What happens to the input tax claimed if they then rent those out before selling them?
Lin Williams

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theaardvark |

Capital Goods Scheme

AnonymousUser |


NeilW |