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My limited company is selling a property lease premium.

Customer Question

My limited company is selling a property lease for a premium. Is VAT chargeable on the total proceeds?
Submitted: 1 year ago.
Category: Tax
Expert:  bigduckontax replied 1 year ago.
Hello, I'm Keith and happy to help you with your question.
Normally sales of landed property are not subject to VAT as they are exempt supplies. However, if an 'Option to Tax' has been exercised, ie VAT charged on rental income, then the sale proceeds must be subject to VAT also and an appropriate invoice issued.
I do hope I have been of assistance to you with my answer.
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3109
Experience: FCCA FCMA CGMA ACIS
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Expert:  bigduckontax replied 1 year ago.
Thank you for your support.
Customer: replied 1 year ago.

Thanks for your prompt replyCustomerguy. Much appreciated

Expert:  bigduckontax replied 1 year ago.
Delighted to have been of assistance.

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