Budget 2003: VAT Avoidance on the Sale of New Freehold Commercial Buildings

• Author:
• Lee Nuttall

Avoiders took advantage of a loophole which meant that no VAT was due on the purchase of a new freehold commercial building where a price, not being known at legal completion of the purchase, was paid after the expiry of 3 years. Initial anti-avoidance measures were introduced in November 2002 and further provisions are being introduced with effect from 10 April 2003. These will ensure that the liability of payments made after 3 years will remain standard rated.

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