Market leading insight for tax experts
View online issue

VAT on real estate: TOGCs and other hot topics

Speed read
The availability of TOGC treatment remains an important and controversial area for real estate transactions. HMRC correctly accepts that a property which is only partly let can be a TOGC. But the authorities indicate that HMRC may well be wrong to continue to assert that TOGC treatment is unavailable on an indirect transfer or sub-sale. Similarly, HMRC’s view that TOGC treatment is only available for a development site where physical works have started may be contrary to EU Law. Barter transactions raise difficult questions of characterisation and it is suggested that this should normally follow the economic realities rather than turning on quirks of domestic property law.
If you are not a subscriber, subscribe now to read this content.
If you are already a subscriber, sign in
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this article in full.