Beware the VAT traps
Article Abstract:
The UK government has abandoned the most negative aspects of planned changes to VAT on property transactions. However, new legislation can still apply to many ordinary commercial property deals, and it is therefore very important to be aware of VAT regulations and their implications. Where the legislation applies, it prevents the property owner or developer from charging VAT on rents or sale proceeds. It also stops the recovery of VAT incurred on the costs of purchase or construction and development.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1997
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VAT's what it's all about
Article Abstract:
Customs and Excise has produced new legislation relating to VAT for the UK construction industry. A consultative document entitled 'A VAT MiniGeneral Anti-avoidance Rule in Construction Services' indicates that construction companies must not avoid VAT. If they do so, they will be obliged to pay the VAT they would have paid if they had not sought to avoid it. Contractors will not be required to account for VAT on retentions due but unpaid or for VAT on claims.
Publication Name: Building
Subject: Construction and materials industries
ISSN: 0007-3318
Year: 1999
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