Financial Skills: Tax: Property: VAT Aspects of Land; Property and Construction

Course Overview

The disposal, construction, acquisition or renting of property, and any land related supply, all have VAT implications. The complexity of the tax and high transaction values can mean costly errors. This course is for all ranges of businesses and organisations (especially those that are partially exempt) involved directly and indirectly with land and property transactions, that need a sound understanding of the VAT legislation in this complex area, to benefit from careful VAT planning and to avoid pitfalls. This course assumes a good basic knowledge of VAT.

Course Outline

CONSTRUCTION

• New commercial buildings, residential, relevant residential, and charitable buildings
• Building materials and fixtures
• Building contracts, tax points and payments

CONVERSIONS AND REFURBISHMENT

• Zero-rated conversations
• Protected buildings and approved alterations
• The 5% VAT rate and what it applies to

LAND AND PROPERTY SUPPLIES

• New commercial buildings, residential, relevant residential, and charitable buildings
• Licences to occupy land
• Exclusions from exemption
• Virtual assignments

THE VAT OPTION TO TAX

• What it covers, and how to avoid mistakes
• Automatic and permission options, and how to apply to HMRC
• Disapplication of the option to tax, and anti-avoidance measures

SUPPLIES BETWEEN LANDLORDS AND TENANTS

• Rent free periods, dilapidations, reverse premims and inducements

THE VAT CAPITAL GOODS SCHEME

• What it covers and how it works

TRANSFERS OF A GOING CONCERN

• VAT free treatment for certain land and property transactions

VAT PLANNING

• The future of the option to tax
• Scheme that must be notifies to a HMRC
• The impact of the Halifax decision