How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask bigduckontax Your Own Question
bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 3816
Experience:  FCCA FCMA CGMA ACIS
75394688
Type Your Tax Question Here...
bigduckontax is online now

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: 2 years ago.
Category: Tax
Expert:  bigduckontax replied 2 years 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 and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 2 years ago.
Thank you for your support.
Customer: replied 2 years ago.

Thanks for your prompt replyCustomerguy. Much appreciated

Expert:  bigduckontax replied 2 years ago.
Delighted to have been of assistance.

Related Tax Questions