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Back to basics: VAT and commercial property (part 1)

 
Continuing our series of basic informative articles Gary Barnett of Simmons & Simmons looks at the basic VAT rules applicable to supplies involving commercial property
 
The VAT treatment of property transactions is a highly complex area of VAT law. Supplies may be compulsorily standard-rated exempt zero-rated outside the scope of VAT or standard-rated under the option to tax. Complete books have been written on the topic. Therefore the aim of this 'back to basics' article is no more than to provide a very general overview of the structure of the VAT treatment of property transactions and highlight the VAT treatment of the most commonly encountered situations.
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