Budget 2003: VAT Anti-avoidance Measures - Property Used for Non-business Purposes

• Author:
• Lee Nuttall

Until now, businesses have been allowed a full input tax deduction on the basis of assets which have been used partly for private purposes as long as output tax is charged for private use. Customs perceive that, in relation to land and buildings, this approach gives rise to unacceptable delay or avoidance of charging output VAT. With effect from 9 April 2003, the VAT incurred on a purchase of land and buildings where there is to be a non-business or private use must be apportioned at the time... (2 more words)

Member login

If you are a member of the Workplace Law
Network, please enter your details below

My email address
My password
Keep me logged in:
	I've forgotten my password

Protecting your data

We take data protection very seriously. We will never share your data with third parties. We process data in accordance with: the Data Protection Act 1998; the 11th edition of the British Code of Advertising, Sales Promotion and Marketing Practice; and the DMA Direct Marketing Code of Practice.