RICS condemns Brown's VAT crackdown
Series: Property Week ; 67(48) 6 December 2002, 5(1)Publication details: 2002Subject(s): Summary: 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.| Item type | Current library | Call number | Copy number | Status | Barcode | |
|---|---|---|---|---|---|---|
| News article | London News article | WB3846-19 (Browse shelf(Opens below)) | 1 | Available | 120738-1001 |
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.