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Value Added Tax (VAT) on Property
Elect to waive exemption of VAT (or Opt to Tax) a property.
This will mean that;
- VAT can be reclaimed on the purchase price (if elected prior to the property being purchased) and associated costs (upon receipt of the appropriate VAT invoices)
- VAT can be reclaimed on refurbishment costs (upon receipt of the appropriate VAT invoice)
- VAT will be charged on the rent and any invoices issued
- When the property is sold VAT will be charged on the sale price
Should a landlord choose not to elect to waive exemption of VAT this will have the following consequences:
- VAT cannot be reclaimed on the purchase price (if applicable)
- VAT cannot be reclaimed on any associated and refurbishment costs
- VAT will not be applied to the rental payments
Once a property has been elected to waive exemption of VAT the property will remain elected for 20 years.
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