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Our client – a partnership which is already registered for VAT due to other business and property interests – is buying development land with planning consent for a number of residential apartments.
We understand that while our client is acquiring land only there has previously been an option to tax exercised.
It was therefore our intention to suggest to our client that in the first instance he complete form VAT1614D to disapply the option to tax and avoid VAT on purchase on the basis that he satisfies the relevant criteria.
Our client is only interested in residential developments and in view of the current difficult property market the development of a residential block for student accommodation is being considered because the returns tend to be higher than other comparable accommodation.
In view of the high yields on such developments and following construction ...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
