Boom, Boom!
Yerbury, P.
Boom, Boom! - 2001 - Estates Gazette (0109) 3 March 2001, 222-223(2) .
Looks at the history of VAT. Originally this could not be charged on the supply of property. However, in 1977 the EC Council's Sixth Directive introduced the option to tax into the property arena. Suppliers were given the option to charge VAT in certain situations. The ruling came into effect in England in 1989, and the concept became known as the election to waive exemption. Details the basic principles of election, and describes how the main rules of election have evolved since their introduction 11 years ago. Highlights some of the problems inherent in the use and operation of the election.
VALUE ADDED TAX
EC
DIRECTIVE 77/388/EEC
PROPERTY
ELECTION TO WAIVE
EUROPE
Boom, Boom! - 2001 - Estates Gazette (0109) 3 March 2001, 222-223(2) .
Looks at the history of VAT. Originally this could not be charged on the supply of property. However, in 1977 the EC Council's Sixth Directive introduced the option to tax into the property arena. Suppliers were given the option to charge VAT in certain situations. The ruling came into effect in England in 1989, and the concept became known as the election to waive exemption. Details the basic principles of election, and describes how the main rules of election have evolved since their introduction 11 years ago. Highlights some of the problems inherent in the use and operation of the election.
VALUE ADDED TAX
EC
DIRECTIVE 77/388/EEC
PROPERTY
ELECTION TO WAIVE
EUROPE