Carpe Diem Hardware 700-9 Hardware 700-9 Classic Collet Chalice Decorative Sleeve, 1-Inch

Product Information

Such goods and services may include buildings such as community centres or schools, amenity land or civil engineering works. Alternatively, they may be in the form of services such as an agreement to construct something on land already owned by the authority or a third party. Any such provision of goods or services is not a supply for a consideration to the local or other authority, or to the third party. So no VAT is chargeable by you on the handing over of the land or building or the completion of the works. But the input tax you incur is attributable to your supplies of land and buildings on the development for which the planning permission was given. 8.5 Agreements with the Highways Agency If you let out sports and physical recreation facilities for a series of sessions your supply is exempt (unless you have opted to tax) when you meet all the following conditions: Step But if you pay an inducement to a prospective tenant who, in return, provides a benefit to you other than that customarily derived from entering the lease, then there is a supply. The VAT liability of the supply will depend on the nature of the benefits provided, which could for example involve undertaking improvements or repairs to the building. As a developer you may provide many other types of goods and services free, or for a purely nominal charge, to the local or other authority under section 106 of the Town and Country Planning Act 1990 or other similar agreements. These agreements are sometimes described as ‘planning gain agreements’. You can opt to tax land (including buildings). Once you have opted to tax any supplies you make of the opted land will normally be standard-rated. Read Opting to tax land and buildings (VAT Notice 742A) for more information. 3.2 Freehold sales of new or part completed commercial buildings

But, zero-rated supplies are treated as taxable supplies in all other respects, including the right of the person making the supply to recover the VAT on their own business expenditure (subject to certain restrictions — see paragraph 4.6). If you make a grant of the right to use facilities which are either designed for parking vehicles or provided specifically for that purpose your supply is standard-rated except in the circumstances described in paragraph 4.4 and 4.5. The following are examples of standard-rated supplies of parking facilities: the supply is zero rated rather than exempt, because it falls within Schedule 8, Group 5 or 6 (first sale or long lease of buildings designed as dwellings etc - see Notice 708 Buildings and construction), or At predetermined intervals you pay HMRC the excess of your output tax over the VAT you can reclaim as input tax. But, if the input tax you can reclaim is more than your output tax, you can reclaim the difference from HMRC. Abolished (standard rate increased from 8% to 15% to cover all previously standard and higher-rated goods)letting of land or buildings (but not garages, designated parking bays or other facilities specifically designed for parking) where the conveyance or contract makes no specific reference to use for parking vehicles You’ll have to adjust the amount of VAT you reclaimed if your business has an asset, and the extent to which you use it to make taxable supplies (rather than exempt supplies) varies over the following 5 or 10 years (depending on the asset). A property management company is not entitled to use the concession to treat supplies made direct to a freehold owner as exempt, see paragraph 12.4. 12.3 Landlord or property management company supplying additional services to occupants For VAT purposes, a beneficial owner who directly receives the benefit of the proceeds from selling, leasing or letting land or buildings is treated as being the person selling, leasing or letting the land or buildings. This is the case even though that person is not the legal owner. An example of this is a bare trust where a trustee is the legal owner of the land, but the beneficial ownership belongs to another person. The beneficial owner is treated as the person making the grant.

For examples of supplies that are not licences to occupy see paragraph 2.7. 2.6 Examples of supplies that are licences to occupy landThis notice cancels and replaces Notice 742 (March 2002). Details of the main changes to the previous version can be found in paragraph 1.2. 1. Overview 1.1 What this notice is about If you, the developer, are permitted by the Highways Agency to carry out the works at your own cost, then there is no supply by you of the works to the Highways Agency. This is because you do not receive any consideration for the works from the Highways Agency. But you may recover the input tax as attributable to your own ultimate supply of land and buildings from the development. For example, if the development is a taxable supply you can recover all the input tax. 8.6 If you’re asked to make a cash contribution If you make taxable supplies (standard-rated, reduced-rated or zero-rated), you have to account to HMRC for the VAT due. This is your output tax.