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19 July 2011
Opting out; Property profit?; Corporate partner 2; Close connection
Opting out
My client is the director of a property broking limited company. However he has recently advised me that he intends to personally purchase (i.e. from his own funds rather than through the limited company) a public house which he will then convert into a single residential dwelling in which he will live.
The public house has an option to tax on it and he wants to disapply this by signing form 1614D. I presume that condition 1 applies so that there will not be a VAT charge on the purchase; my client is not VAT registered in his own right.
My questions are as follows.
- Can readers confirm that this is the correct procedure to follow here and are there any problems or other matters that I and my client should be aware of?
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