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  • Tax Memo - Value added tax - Input tax - Capital goods scheme - General requirements - Affected assets - 79730
    The capital goods scheme applies to: - computer hardware, ships and aircraft costing at least £50,000 (excluding VAT); and - land and real property with a value of at least £250,000 (excluding VAT), where VAT is incurred. Where the business purchases such assets as stock for resale, the scheme will not apply unless the asset is actually used by the trader before being sold. If the trader's intention was to resell the asset, but this intention subsequently changes, the asset will be subject to the scheme from...
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  • Tax Memo - Value added tax - Specific situations - Transfer of a going concern - Land and property - 82790
    If the sale would normally be a taxable supply, the buyer and vendor will need to satisfy certain conditions for the transfer to be included as part of a TOGC, as shown in the following table. Vendor's position Requirements for purchaser The vendor is transferring taxable land and buildings which: - the vendor has opted to tax1; or - would normally be standard-rated (¶84430) i.e. a non-residential property under 3 years old, or civil engineering works. By the relevant date2 the purchaser must have notified:...
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  • Tax Memo - Value added tax - Land and buildings - 84000
    Transactions involving land and buildings can be extremely complex, and there are specific rules which govern when a supply is recognised and the VAT rate which applies. Supplies involving land can, depending on the circumstances, be zero-rated, reduced-rated, standard-rated, exempt, or outside the scope of VAT. Different rules apply to sales and grants of interests in land and in buildings, as opposed to supplies of construction services, and the VAT treatment of commercial buildings differs from that of domestic...
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  • Tax Memo - Value added tax - Land and buildings - Construction of new buildings - 84115
    Construction services provided in the course of construction of a new building are standard-rated unless a specific provision reduces the VAT rate to 5% or 0%. They can never be exempt. The disposal of a major interest in a new building is standard-rated unless the building is used for residential or charitable purposes, in which case zero-rating may apply. For short leases see ¶84650.
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  • Tax Memo - Value added tax - Land and buildings - Construction of new buildings - Special situations - Builders using own labour - 84495
    Where a builder uses its own labour to provide services, there will be a deemed supply to it in the course of its business and a supply by it (known as a self-supply) insofar as the services: - are used in the course or furtherance of its business; - are made otherwise than in return for a consideration; and - have an open-market value of at least £100,000. Services falling under this provision are as follows: - the construction of a building for use in the business which is not a dwelling, nor intended for...
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  • Tax Memo - Value added tax - Land and buildings - Land and existing buildings - 84545
    Most supplies relating to land are exempt, including the grant of any of the following: - an interest in or right over land; - a licence to occupy land; or - in relation to land in Scotland, any personal right to call for or be granted any such interest or right. 1. Land for these purposes includes buildings and fixtures, walls, trees, plants and other structures along with natural objects in, under or over it, provided that they remain attached to it. The sale of bare land is exempt unless building work has...
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Result 1 of 6 results