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VATA 1994 Sch 8 Group 5 Item 1 zero rates ‘The first grant by a person … constructing a building … designed as a dwelling or number of dwellings … of a major interest in or in any part of the building dwelling or its site’.
The taxpayer granted long leases on holiday properties that it had built in North Cornwall and did not charge VAT assuming that they were zero-rated.
He argued that this was the case as Notice 709/03 paragraph 5.3 indicated that standard rating would apply if the property could not be occupied for the whole year and there was no prohibition on this here.
HMRC issued assessments charging VAT on the consideration because they were of the opinion that zero-rating did not apply because of VATA 1994 Sch 8 Group 5 Note 13....
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