One of my clients has purchased a holiday cottage in Devon and by sheer fluke which was caused by delays by the vendor’s solicitors for reasons that are not entirely clear completion did not take place until two years and three days after the previous occupant died. However a colleague of mine says this is potentially good news since the repairs that need to be carried out can be made at the reduced rate of 5% under the two-year empty building rule. Would I be correct in this assumption? My client has not moved in yet.
My careful reading of notice 708 tells me that work started before my client moves in can be charged at the rate of 5% VAT but I understand there is an opportunity for builders to also charge 5% VAT in some cases after they have moved in. Again is a...
Please reach out to customer services at +44 (0) 330 161 1234 or 'customer.services@lexisnexis.co.uk' for further assistance.