When purchasing a business as a going concern, and land bought at auction was included, then in order to take the land purchase outside the scope of VAT, the ‘option to tax’ election and notification of that election had to be effected before the deposit was paid, and not merely before completion.
Citations:
Times 19-Apr-2000
Statutes:
VAT (Special Provisions) Order 1995 (1995 No 1268)
Jurisdiction:
England and Wales
VAT
Updated: 05 May 2022; Ref: scu.81370
