The total sum payable for the sale of land may be unknown (‘unquantifiable’) at the time of sale, e.g. if the amount depends on a future event, such as the rents received by the purchaser.

When the freehold in land is granted or assigned and at the time that the total consideration for it is not fully determined, supplies occur at the following times:

(1)the time determined under VATA 1994, s. 6; and

(2)the earlier of:

(a)receipt of a sum not determinable at the time mentioned above, or

(b)the issue of a VAT invoice in respect of such part

(Value Added Tax Regulations 1995 (SI 1995/2518), reg. 84(2); Notice 700, para. 15.9.2).

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