All sales of freeholds of commercial property are exempt, except for sales of the freehold of:

(1)an uncompleted commercial building;

(2)a ‘new’ commercial building (¶34-575);

(3)an uncompleted civil engineering work;

(4)a ‘new’ civil engineering work (VATA 1994, Sch. 9, Grp. 1, item 1(a)); and

(5)property in relation to which the seller has exercised the option to tax (VATA 1994, Sch. 10, para. 2) (¶35-000).

Want to read more?

This content requires a Croner-i Tax and Accounting subscription.

Existing subscriber? Log in

No subscription?

Contact us to discuss your requirements.