Vat and Property: Guidance on the Application of Vat to UK Property Transactions and the Property Sector

ISBN-13: 9781904905608 / Angielski / Miękka / 2015 / 280 str.

John Davison

Opis

This book offers clear and practical guidance on the application of UK Value Added Tax (VAT) to UK property transactions, providing assistance to individuals, property businesses, and professionals. It covers guidance on VAT and property issues such as: Introduction to VAT Concepts (terminology, legislation, definitions) * Land Transactions * Residential Property (new building projects, 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) * Housing Associations * 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. Subject: Value Added Tax, Property Law]

Spis treści

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