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A client is selling a commercial property for £500 000 plus VAT. He opted to tax the unit when he bought it about eight years ago and has always traded from it and not sublet it to a tenant.
The current agreement is that £350 000 will be paid by the buyer now with further payments of £100 000 and £150 000 to be made in the future when the buyer can get the funds together – which is likely to be in about 12 months’ time. In the meantime my client will continue to retain occupancy of part of the site until it is fully paid for and from which he will run his own business.
As I understand it the key issue for VAT purposes is when the title is transferred to the buyer which in this instance will not be until the final instalment...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.
