VAT Property Solutions
Note: 1
The first grant of a major interest by way of sale or lease (including to a connected party) for a term greater than 21 years in a new dwelling or relevant charitable or relevant residential building is zero rated (0%) - where all or part of the building is intended for use solely for a relevant residential or a relevant charitable purpose, Cert 1 will be required. (NB. Transfers of zero rated property within a VAT group are disregarded for VAT purposes. The zero rated disposal will only arise on the first grant of a major interest in the property out of the VAT group). See also Note 38 where the property is transferred at 'no cost' or reduced cost in return for an obligation to undertake certain construction works. See Note 39 where a dwelling will be sold for use as a holiday home.
Contact: info@4eyesltd.co.uk Telephone: Phillip Henwood - 0044 (0)7793 707 839
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