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VAT and Residential Development

Continuing our series of basic informative articles Jennie Newton Legal Director and Alison Kempenaar Solicitor Pinsent Masons LLP examine the basics of residential developers' VAT concerns
The VAT treatment of supplies made to and by a residential developer is complex. Some supplies will be zero-rated some subject to the reduced rate of 5% some to the standard rate (currently 15%) and some will be exempt with or without an option to tax. This obviously has implications both for the level of VAT which should be charged on the supplies made but also on the recovery of input tax by the person making the supply. This 'back to basics' article examines the main VAT considerations that residential developers and any person making supplies to them (including sellers of...

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