VAT on property acquisitions
Personal Tax
Guidance
This guidance note provides an overview of the VAT implications of acquiring land and buildings located in the UK and outside the UK.
Property may be acquired by:
- 鈥�
buying it
- 鈥�
constructing a new building
- 鈥�
creating a building by converting an existing building
- 鈥�
extending an existing building
- 鈥�
renovating an existing building
One method of acquiring property is to buy exactly what is required. Other methods may include a combination the above. For example, a person may buy land and arrange for a new building to be constructed on it, or buy an existing non-residential building and arrange for it to be converted into a dwelling.
This guidance note summarises the VAT issues on acquiring property. For a similar summary of the VAT issues on disposing of a property, see the VAT on property disposals guidance note.
VAT implications of acquiring land and buildings located in the UK
As indicated above, there are various methods of acquiring land and buildings. In broad terms the methods are:
- 鈥�
buying a property
- 鈥�
arranging
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Produced by Tolley in association with Emma Haley at Boodle Hatfield LLP
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