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VAT & Partnership Interests

Paul Williams associate tax department of Herbert Smith discusses Customs & Excise's argument that the transfer of an interest in a partnership is standard rated for VAT purposes
Many readers will be aware that HM C&E have recently sought to argue that the transfer of an interest in a partnership is standard-rated for VAT purposes. The possibility of a 17.5% VAT charge has caused some concern particularly in the real estate sector given that property investment is often structured through partnerships. The writer considers HM C&E's approach to be incorrect and that no VAT should arise on transfer of a partnership interest. I discuss in this article the nature of partnership under English law and the VAT registration of partnerships before going on to look at the VAT treatment of...

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