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VAT and fixed charge receivers

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SPEED READ A swathe of insolvency-related articles have appeared in the tax press of late. This article explains the role of one of the players in this field that of the fixed charge receiver and concentrates on the VAT issues they face. Fixed charge receivership is a popular method of enforcing security. It establishes a disconnect between the lender and defaulting borrower and outsources the management of the property in receivership. Fixed charge receivers may be appointed by a lender to realise the lender's security over a property. They will either sell the property or collect the rents and account to the lender for the proceeds. Although appointed by the lender they are also deemed to be agents of the borrower. They are under a duty to account for VAT on rents and sale proceeds. Input VAT thus incurred is likely to be creditable for the...

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