A client wants to buy a commercial property via a SSAS from a VAT registered entity. Can they register the SSAS for VAT, claim back the VAT on the purchase, and then de-register the SSAS for VAT?
Replies (3)
Please login or register to join the discussion.
What will they do in the property? Do they need to opt to tax to recover the input tax?
If you hold an opted property at deregistration, there is a deemed supply, ie: an irrecoverable VAT cost.
If you opt to tax the commercial property to claim the VAT on purchase then you may have to account for output tax on deregistration.
https://www.gov.uk/guidance/opting-to-tax-land-and-buildings-notice-742a...