I have a property owned by a local authority which is being sold. The purchaser intends to convert this property into dwellings. They have supplied a VAT1614D.
HM Revenue & Customs have won a significant Upper Tier decision relating to the VAT Repayment Supplement.
My client is a residential developer and until recently has concentrated on the construction and sale of new build houses.
A retail client recently received a rebate cheque from a supplier, payable as a result of meeting a purchase target.
Today I have read the changes to VAT Notice 703 (s. 2.12) and would be grateful if somebody could clarify that I am understanding correctly as there is some disagreement between my directors.