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taxadvisor.uk
taxadvisor.uk, Chartered Certified Accountant
Category: Tax
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Experience:  FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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My client purchased a closed pub in April 2013 they were

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My client purchased a closed pub in April 2013 they were charged vat by Greene King
It was originally going to be converted into a restaurant but is now going to be sold to the Parish Council ( funded by the county council ) with upstairs being residential flats and ground floor being a community centre.
The Parish council is funding the conversion from restaurant to community centre.
I would imagine there must have been an option to tax claimed by Greene King when they sold it.
Do we inherit the option or should we have a applied for a new option
Submitted: 3 months ago.
Category: Tax
Expert:  taxadvisor.uk replied 3 months ago.

Hello and welcome to JustAnswer. I am here to help you. I am reviewing your question and will respond to you shortly.

Expert:  taxadvisor.uk replied 3 months ago.

Thank you for your question.

Unfortunately, you don't inherit the option to tax from the seller of the property.

If you wish to opt to tax land including buildings, you have to register for it.

You should notifiy your decision to opt to Tax.

Section 4 of VAT Notice 742a covers the area - How to opt to tax and it can be found here

https://www.gov.uk/government/publications/vat-notice-742a-opting-to-tax-land-and-buildings/vat-notice-742a-opting-to-tax-land-and-buildings

I hope this is helpful and answers your question.

If you have any other questions,please ask me before you rate my service – I’ll be happy to respond.

Customer: replied 3 months ago.
are there any time limits?
Expert:  taxadvisor.uk replied 3 months ago.

Thank you for your reply.

You are looking at a transaction that took place back in 2013.

There are time limits stipulated in Sec 4.2 and belated notifications.

You are best advised to contact specialist section of VAT with HMRC and check with them if belated notification would be acceptable before your client makes a decision. The last thing you want is deciosion to opt to tax and not been able to reclaim VAT input on the purchase.

I hope this is helpful and answers your question.

taxadvisor.uk, Chartered Certified Accountant
Category: Tax
Satisfied Customers: 4809
Experience: FCCA - over 35 years experience as a qualified accountant (UK based Practitioner)
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