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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Property Law
Satisfied Customers: 4312
Experience:  English solicitor with over 12 years experience
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I opted to tax a commercial building 10 years ago, i have not

Customer Question

I opted to tax a commercial building 10 years ago, i have not long de-registered from vat as circumstances have changed.I have just sold the building without tax, now the vat man wants 20%
Submitted: 3 years ago.
Category: Property Law
Expert:  UKSolicitorJA replied 3 years ago.
Hello,

I am afraid as you opted to tax the building, you could only revoke this option to,tax within 6 months of so opting or after 20 years have passed.

Since only 10 years have passed, you cannot revoke the option to tax and VAT is applicable on the sale which is why the taxman is demanding 20% VAT, this is correct I am afraid.

May I help further?
Customer: replied 3 years ago.

That's all thanks, ill get my hand in my pocket


Best Regards

Expert:  UKSolicitorJA replied 3 years ago.
Welcome. Please remember to leave feedback