VAT - Option to tax can be revoked

Since 1989 property owners have been able to claim back vat on expenses incurred on buildings by opting to tax but once a building was subject to vat, that was it for ever. Not any more. The option to tax can now be revoked after 20 years and there can be significant savings as well as making a property attractive to parties that are not registered for vat:

If for instance a factory is to be sold for £230,000 ex vat, the total price would be £272,435 including £34,500 vat and £7,935 Stamp duty at 3%. If the option to tax is revoked, there is no vat and the stamp duty reduces to 1%, £2,300, a ...
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01 May 2009 @ 09:00

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