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VAT and Commercial Property

Continuing our series of basic informative articles Gary Barnett of Simmons & Simmons considers the basic VAT rules relevant 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 usual VAT treatment of the most commonly encountered situations.
There are two parts to the article. The first part this week covers the basic VAT rules for commercial property while...

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