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My clients have recently purchased an old public house, which I believe may be a listed building and which they intend to convert into their main residence. The pub is very large and they advise me that their surveyor has told them that there is sufficient floor space to provide them with adequate accommodation and also, if they require, two self-contained flats. The clients have asked for my advice on the best way of proceeding from a tax point of view.
My clients have recently purchased an old public house which I believe may be a listed building and which they intend to convert into their main residence. The pub is very large and they advise me that their surveyor has told them that there is sufficient floor space to provide them with adequate accommodation and also if they require two self-contained flats. The clients have asked for my advice on the best way of proceeding from a tax point of view.
I have not dealt with such a 'project' before and should be grateful if Taxation readers could summarise the main tax and VAT issues that are likely to be relevant.
Query T16 738 — Tipsy.
Reply by JdeS:
There are two problems here. The first is whether the profit made will be assessable to income tax (either as an adventure in the nature of trade or...
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