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The taxpayer provided supplies of education which were exempt for VAT purposes. It granted a lease over its premises to S Ltd on 1 November 1996. On the same day S Ltd granted a sublease in respect of the premises to the taxpayer.
The taxpayer registered for VAT in September 1996 describing its business as ‘property letting’. Both it and S Ltd waived the exemption of the premises in accordance with VATA 1994 Sch 10.
The taxpayer took credit for the input tax on its construction costs and obtained a VAT repayment.
After August 1998 the companies stopped paying each other rent under the lease and sublease. S was dissolved and struck off the company register on 20 July 1999.
The taxpayer did not forfeit the lease the benefit of which became vested in the...
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