VAT Land & Property - Focusing on the Zero Rates

Introduction

The VAT zero rate is available for the construction and for the supply of certain buildings i.e. residential, relevant residential and relevant charitable buildings. However, the conditions for both are very strict, and 100% penalties for incorrect declarations to HMRC abound.

This new virtual classroom seminar focuses on the conditions required for zero rating, and explains where the pitfalls are and how to avoid them.

This session is suitable for accountants in any business responsible for the correct operation of VAT on land and property transactions, and their advisors, who need a thorough understanding of the intricacies in this area.

A good grasp of general VAT is assumed.

What You Will Learn

This live and interactive session will cover the following:

• Construction
• The very strict conditions for zero rating of residential, relevant residential and relevant charitable buildings
• A thorough examination of those conditions
• Do swimming pools and gyms in a block of flats matter?
• How to apportion VAT on mixed developments
• What that ‘5%’ use rule means and the 10-year impact
• How to calculate the VAT effect
• Conversions from non-residential to residential
• All the rules, and everything that can go wrong
• Supply
• The strict conditions for zero rating the supply
• ‘Major interest’
• Carrying on ‘person construction’ status through the project
• Case law, including for early disposals
• Getting to the ‘Golden Brick’ stage, and what happens if you do not
• Change of use and change of intention
• ‘Pay back’ and ‘claw back’
• The VAT Option To Tax
• Some myths concerning residential and relevant charitable buildings dispelled

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.