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Our husband and wife clients operate two fish and chip shops. The partnership has also acquired the lease to a restaurant, which is currently under development. Upon completion of the restaurant, the clients intend to cease trading at the two shops and will then let them out to enable them to concentrate trading of the new restaurant, which will also be run as a partnership. Our questions are as follows.
Our husband and wife clients operate two fish and chip shops. The partnership has also acquired the lease to a restaurant which is currently under development. Upon completion of the restaurant the clients intend to cease trading at the two shops and will then let them out to enable them to concentrate trading of the new restaurant which will also be run as a partnership. Our questions are as follows.
- Is there likely to be a VAT partial exemption problem with regards to the first letting of the shops?
- If the properties are held in the name of one party would this overcome any partial exemption problems?
Readers' views would be welcomed.
Query T16 929 — Haddock.
Reply by Adam Rycroft:
Assuming that the partnership has not opted to tax the properties and intends to let them on terms which provide for...
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