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VAT and TOGCs: lessons from Haymarket

Can the sale of a development site marketed with vacant possession meet the conditions for a VAT free TOGC when the purchaser suggests setting up leases with friendly parties? Jonathan de Wilton (Grant Thornton) investigates.

When is planning for a VAT free TOGC at the request of a purchaser acceptable?

The man on the Clapham omnibus may be surprised at how often the government charges tax on top of tax. An everyday example is fuelling eye watering petrol prices; duty is levied at a flat rate of 57.95p per litre for both petrol and diesel while VAT at 20% is then charged on this duty as well as the rest of the product price. In the commercial world the government gets two bites of the cherry with SDLT being charged on the VAT inclusive price of land and property even if the VAT is then recoverable by...

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