Commentaries

VAT Memo


PART 7
Particular activities

 CHAPTER 1  Land and property 

5100
The property sector has to deal with many VAT issues, each of which depends on the exact nature of the supply being made. For example:
-  the transaction may variously constitute construction, work on an existing building, exploitation for economic benefit, or disposal of a property interest; and
-  the type of property involved and its use both before, and especially after, the transaction has occurred, or the work has been completed, will affect the VAT treatment.
The basic position is that property transactions are exempt from VAT, which means associated inp...

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