HMRC has launched a consultation to seek views on the current VAT rules relating to land and property and explore potential options for simplifying them. The consultation document summarises some of the complexities in the VAT treatment of supplies of land and property, including exemption and the option to tax, and considers a number of ideas for potential simplification which range from removing the option to tax completely to making certain supplies of land taxable but with an option to exempt. The consultation closes on 3 August 2021.
HMRC has launched a consultation to seek views on the current VAT rules relating to land and property and explore potential options for simplifying them. The consultation document summarises some of the complexities in the VAT treatment of supplies of land and property, including exemption and the option to tax, and considers a number of ideas for potential simplification which range from removing the option to tax completely to making certain supplies of land taxable but with an option to exempt. The consultation closes on 3 August 2021.
