Overview

This book offers clear and practical guidance on the application of VAT to property transactions providing assistance to individuals, property businesses and professionals. It covers guidance on VAT and property issues including: Introduction to VAT concepts: VAT terminology, Legislation, Definitions. Land Transactions Residential property: New build, Extension and refurbishment, Renovations and alterations, Conversions, Facilities for the disabled, Transactions between landlord and tenant, DIY house builders, Caravans and houseboats, Listed/protected buildings. Residential and charitable use buildings, Housing Associations, Cultural bodies Commercial property: Construction industry, the election to waive exemption, Supplies not affected, Making an election, Revoking an election, Input tax claims, Avoidance rules, Premiums, surrenders and inducements, Specialist services, Transfer of a business as a going concern Anti-avoidance legislation Guarantees, Partial exemption, Input tax recovery, the capital items scheme. Includes detailed HMRC guidance and forms on CD-ROM.

Full Product Details

Author:   Ann Humphrey ,  Ann L. Humphrey
Publisher:   Spiramus Press
Imprint:   Spiramus Press
Dimensions:   Width: 15.60cm , Height: 2.50cm , Length: 23.40cm
Weight:   0.771kg
ISBN:  

9781904905608

ISBN 10:   1904905609
Pages:   280
Publication Date:   16 February 2015
Audience:   Professional and scholarly ,  Professional & Vocational
Format:   Paperback
Publisher's Status:   Active
Availability:   Awaiting stock  
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Table of Contents

1 Introduction 1.1 Overview of the UK VAT rules for property transactions and the property sector 1.2 Definitions 2 The General VAT Rules as they apply to Property-Related Supplies 2.1 Goods or services? 2.2 Time of supply 2.3 The value of the supply (the amount on which VAT is chargeable) 2.4 Supplies spanning change of VAT rate or change in liability of a supply 3 The VAT Liability of the Most Common Property-Related Supplies 3.1 Exempt or taxable at the standard rate? 3.2 Treatment of the most common supplies of land and buildings 3.3 Supplies of and under leases 3.4 Commonhold 3.5 Joint ownership 3.6 Beneficial interests 4 VAT Reliefs for Supplies of Dwellings 4.1 Meaning of 'dwelling' 4.2 Case law on meaning of 'dwelling' 4.3 Zero-rating for new dwellings - the details of the relief 4.4 VAT reliefs for conversions into dwellings 5 VAT Refund Schemes 5.1 DIY builders scheme - introduction 5.2 Details of the DIY builder's refund scheme 5.3 Amounts qualifying for refund 5.4 The form of claims by DIY builders 6 Buildings used for a Relevant Residential or Relevant Charitable Purpose 6.1 Introduction 6.2 Use solely for a relevant residential purpose 6.3 Use solely for a relevant charitable purpose 6.4 Certificates 6.5 Claw-back on change of use 7 Property Transactions Involving Housing Associations - the Special Rules 7.1 Zero-rating of conversions 7.2 Claw-back on change of use 7.3 Disapplication of the option to tax 8 Reliefs for Protected Buildings 8.1 Introduction 8.2 Zero-rating for substantially reconstructed protected buildings from 1 October 2012 9 Supplies of Commercial Property and the Option to Tax 9.1 Introduction to the option to tax 9.2 Overview of the main points about the option to tax 9.3 The UK legislation relating to the option to tax 9.4 Effect of the option to tax 9.5 Scope of the option to tax 9.6 Opting to tax - the two-stage process 9.7 Day from which the option takes effect 9.8 Duration of option to tax 9.9 Revocation of the option to tax 9.10..... Real estate elections 9.11..... Cases where HMRC's permission is required before exercising the option 9.12..... Exclusions from the effect of the option to tax 9.13..... The option to tax and VAT groups 9.14..... Option to tax: anti-avoidance provisions 9.15..... Effect of the option to tax on input tax recovery 9.16..... Timing of the exercise of the option to tax - some practical points 10 Supplies in the Building Industry 10.1..... Introduction 10.2..... Table outlining reliefs 10.3..... Zero-rating of the construction of certain buildings 10.4..... Zero-rating of certain goods and services supplied to a disabled person 10.5..... Reduced rate for qualifying conversions 10.6..... Reduced rate for certain residential renovations and alterations 10.7..... Relief for building materials etc. 10.8..... Self-supply of construction, alteration and demolition services 10.9..... Time of supply of building services 10.10.... Self-billing and authenticated receipts 10.11.... Summary of VAT liability of supplies of building services 11 Partial Exemption and the Capital Goods Scheme 11.1..... Effect of being partially exempt 11.2..... Methods of apportionment 11.3..... De minimis limits 11.4..... Capital goods scheme 12 Transfer of a Business as a Going Concern ('TOGC') 12.1..... The legal framework for TOGC treatment 12.2..... The general conditions for TOGC treatment 12.3..... TOGCs: Some drafting points 12.4..... General condition (1): business assets transferred as part of a going concern 12.5..... General condition (2): assets to be used by the transferee in carrying on the same kind of business 12.6..... General condition (3): transferee must be a 'taxable person' or, as a result of the TOGC, become a taxable person 12.7..... General condition (4) Transfer of part of a business capable of separate operation 12.8..... Additional conditions for certain property assets to be included in a TOGC 12.9..... Property letting and TOGCs 12.10.... TOGCs and transfers to nominees 12.11.... TOGCs: summary of main VAT consequences 13 Property Supplies relating to Caravans and Caravan Parks 13.1..... Caravan park works 13.2..... Caravan pitches 13.3..... Caravan rental HMRC Forms and Guidance Revenue & Customs Briefs VAT Forms VAT Information Sheets VAT Notices INDEX CD-ROM:HMRC forms and guidance

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Author Information

Ann L. Humphrey is a solicitor with an independent tax practice specialising in indirect tax.

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