[12 September 1991]

1. This Statement is a revised version of the Statement about stamp duty and VAT issued on 22 July 1991, SP 6/91, and replaces it.

Introduction

2. To comply with a judgment of the European Court of Justice in June 1988, standard rate UK VAT has been applied to non-residential construction with effect from 1 April 1989 (Section 18 Finance Act 1989). VAT is compulsory on sales of buildings treated as new for this purpose, which are mainly buildings under three years old that have been completed after March 1989. And owners of non-residential property were given the option from 1 August 1989 of charging VAT on sales of old buildings and on leases.

Need help? Get subscribed!

To subscribe to this content, simply call 0800 231 5199

We can create a package that’s catered to your individual needs.

Or book a demo to see this product in action.