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Paul Arthur

Paul Arthur

Joined: 11/21/2024

  • Reclaim VAT on purchase of a commercial property

    Thu, 21 Nov 2024 11:44:03 GMT – Reclaim VAT on purchase of a commercial property
    I work for a residential property developer and we have been offered a commercial site with full planning permission to demolish the existing building and build a new block of flats containing 17 dwellings. The completed flats would all put put on the open market for sale and my business will not be retaining any of them for rental purposes. The seller of the commercial site has elected to charge VAT on the transaction. Are we able to reclaim this VAT? I am about to register for VAT and not sure if I should be completing the Opt to Tax form as well. If I did Opt to Tax would this prevent us from reclaiming VAT in future?