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The VAT review for June 2021

Recent VAT developments that matter, examined by Bryn Reynolds and Gary Barnett (Simmons & Simmons).

Review of VAT on land transactions

HMRC has published a call for evidence on how the VAT rules applying to land and property transactions could be simplified. The document puts forward a number of broad suggestions for consideration but also welcomes other ideas.

Transactions in land are in principle exempt from VAT subject to a number of specific exceptions and subject importantly to the operation of the option to tax. However the call for evidence points out that the number of exceptions has grown from an initial four in 1973 to fifteen with detailed notes and exclusions to those exceptions.

Applying the option to tax can simplify matters for taxable businesses by ensuring that their land transactions are mostly subject to VAT but involves an administrative...

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