RICS condemns Brown's VAT crackdown
RICS condemns Brown's VAT crackdown
- 2002
- Property Week 67(48) 6 December 2002, 5(1) .
RICS condemns government plans to close a VAT loophole as announced in the pre-budget report. The measures would ensure that VAT was paid on the sale of newly constructed commercial property within three years of completion. Some investors find ways of avoiding the tax by creating other payment structures or creating associated companies. RICS does not defend these tax avoiding measures but questions the thinking behind the crackdown and the figure of £165m which the government expects to generate from the measure.
LOOPHOLES
PROPERTY-COMMERCIAL PROPERTY
STAMP DUTY
VALUE ADDED TAX
TAX AVOIDANCE
BPF
RICS condemns government plans to close a VAT loophole as announced in the pre-budget report. The measures would ensure that VAT was paid on the sale of newly constructed commercial property within three years of completion. Some investors find ways of avoiding the tax by creating other payment structures or creating associated companies. RICS does not defend these tax avoiding measures but questions the thinking behind the crackdown and the figure of £165m which the government expects to generate from the measure.
LOOPHOLES
PROPERTY-COMMERCIAL PROPERTY
STAMP DUTY
VALUE ADDED TAX
TAX AVOIDANCE
BPF