VAT on property construction is acknowledged as one of the most complex areas of VAT. Karen Mulcahy provides an overview of the rules and seeks to offer some practical hints on mitigating VAT costs
Readers will be aware that the default VAT position for all transactions is that the standard rate of VAT applies; however the VAT treatment of construction services is often determined by reference to whether certain conditions have been met or intended.
For example the construction of a new property may either be subject to VAT at the zero rate reduced rate or standard rate depending on exactly what is being created to who and its purpose!
Similarly the...
