”If you are buying or selling property there is an important change around the corner which saves both Vat and Stamp Duty. If you are selling,it could make it easier to find a buyer
On August 1 1989 the Vat regime forced by the EU resulted that land and buildings became subject to Vat, Older buildings remained exempt until owners waive the exemption.
What has changed.?
The option to tax stays in force until it is revoked. This can only be done after 20 years. So August 1st 2009 is the first chance for those who opted to tax back in 1989 to cancel it.
Not only are there Vat and timing benefits but it can also cut the amount of Stamp Duty Land Tax due.
Contact us or your accountant for more property advice.