The Nightmare That Never Was!

MIKE ARNOLD brings us up to date on Customs' position on the treatment of sales of interests in general and limited partnerships with real estate interests.

IT ALL STARTED innocently enough — just back from a long late summer vacation and you are browsing through your e-mails and suddenly something catches your eye — 'VAT on sale of interests in property-owning limited partnerships'. You just cannot turn your back for two weeks without the world going mad. Your first reaction is that this is absurd; it cannot be right. You check the calendar to ensure it is not 1 April and that the source is impeccable. You read on.
This was how my first week back at my desk in mid-September started. As many who know me will testify I have a particular passion for VAT and real estate matters and this was a particular tasty morsel that...