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Note: 56
Where the purchaser of development land pays the developer a deposit and there is a genuine intention that the sale will (on completion) include partly-completed dwellings, the deposit can be 0% even if it is paid before construction commences. If that intention is not fulfilled (e.g. for genuine reasons the supply is eventually one of bare land), the vendor may have to revisit the VAT treatment of the deposit.
Contact: info@4eyesltd.co.uk Telephone: Phillip Henwood - 0044 (0)7793 707 839
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