More going concerns for property people

Article Abstract:

Recent changes in Customs and Excise regulations in the UK have had an impact on the issue of whether a property being sold is classed as a 'going concern' for VAT purposes. Under the new conditions, sellers prefer their property not to be classed as a going concern, as this can create costs if Customs and Excise denies the seller credit for the VAT that their advisers charge. There are a number of ways in which this situation can be avoided if careful planning is undertaken.

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Time to reverse charges

Article Abstract:

Confusion over reverse payment regulations regrading property transactions is discussed. Clarification may be provided by the European Court of Justice's ruling in two cases involving the correct VAT analysis of a payment made with the aim of inducing a third party to undertake something under a land transaction.

Real estate industry

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Being partial to VAT

Article Abstract:

A case concerning Abbey National and the reclamation of value-added-tax is discussed.

United Kingdom, Cases, Savings and loan associations, Abbey NAtional

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