Five per cent conversions
Price, J.
Five per cent conversions - 2001 - Taxation 147(3811) 14 June 2001, 261-263(3) .
Advises when the reduced rate of VAT at 5% applies to the alteration, conversion, creation and renovation of dwellings in existing properties and summarises the key points of Inland Revenue Information Sheet 4/01. Highlights the part-of-building trap, whereby only the work done in that part of a building where the number of dwellings changes qualifies for the 5% rate; the pub conversion problem, where work done to the living accommodation in a pub being converted into a dwelling will be taxed at the full rate if it is self-contained; that the conversion of non-residential buildings into, or the addition of extra bedrooms to, houses in multiple occupation does not attract the discount; and the rules and regulations surrounding qualifying residential purpose, certificates of intention, the renovation of empty dwellings and subcontractors services to the main contractor.
ALTERATIONS
CONVERSIONS
RENOVATIONS
RESIDENTIAL CONVERSIONS
RESIDENTIAL PROPERTY
SUBCONTRACTORS
VALUE ADDED TAX
VALUE ADDED TAX
VAT REGULATIONS
Five per cent conversions - 2001 - Taxation 147(3811) 14 June 2001, 261-263(3) .
Advises when the reduced rate of VAT at 5% applies to the alteration, conversion, creation and renovation of dwellings in existing properties and summarises the key points of Inland Revenue Information Sheet 4/01. Highlights the part-of-building trap, whereby only the work done in that part of a building where the number of dwellings changes qualifies for the 5% rate; the pub conversion problem, where work done to the living accommodation in a pub being converted into a dwelling will be taxed at the full rate if it is self-contained; that the conversion of non-residential buildings into, or the addition of extra bedrooms to, houses in multiple occupation does not attract the discount; and the rules and regulations surrounding qualifying residential purpose, certificates of intention, the renovation of empty dwellings and subcontractors services to the main contractor.
ALTERATIONS
CONVERSIONS
RENOVATIONS
RESIDENTIAL CONVERSIONS
RESIDENTIAL PROPERTY
SUBCONTRACTORS
VALUE ADDED TAX
VALUE ADDED TAX
VAT REGULATIONS