Commercial Property VAT and Option to Tax
Our Commercial Property Lawyers act for clients in a wide variety of business acquisitions and it is important that your VAT position has been considered before embarking on your new purchase. Whilst we are not tax advisers or accountants, we are able to ascertain the VAT status of a Property and collaborate with your accountant to ensure that you receive the best possible advice at the outset and avoid unnecessary delays.
- Assets are to be used by the purchaser with the intention of carrying on the same business as the seller (but not necessarily identical).
- Where the seller is a taxable person, the purchaser must be a taxable person already or become one as the result of the transfer.
- There must not be a series of immediate consecutive transfer of “business”.
Please note that the information and opinions contained in this article are not intended to be comprehensive, nor to provide legal advice. No responsibility for its accuracy or correctness is assumed by Pearson Solicitors and Financial Advisers Ltd or any of its members or employees. Professional legal advice should be obtained before taking, or refraining from taking, any action as a result of this article.
This blog was posted some time ago and its contents may now be out of date. For the latest legal position relating to these issues, get in touch with the author - or make an enquiry now.