Possibly the most complex area of VAT covers issues relating to the acquisition or disposal of an interest in land or property, construction, property development or services connected with land.
Depending on its precise nature, a transaction in relation to any of these could be exempt, zero rated, standard rated, reduced rate or outside scope!
A further special consideration in relation to commercial property is the “option to tax” rules, which can affect whether you can recover VAT on costs in relation to property.
If you are dealing with transactions in any of these areas and have not yet consulted a specialist adviser, you should do so without delay.
If you require advice or would like to discuss how we might assist you, please contact us.