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The combined elements of VAT and property have been
highly contentious ever since the 1980s, when there was a difference of
opinion between the UK and Europe, with the latter taking the upper
hand. The result was that commercial land and property transactions
were no longer zero rated but either standard rated, or exempt from
VAT, with an option available for the vendor to charge VAT.
Should VAT be charged on a transaction?
Has the vendor properly opted to tax the property?
Can the purchaser reclaim any VAT charged by the vendor?
Is the transaction a TOGC (in which case there is no VAT anyway)?
If you’re confused, there’s no need to be! Nick will be
happy to answer all your questions, however taxing!
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