The riverbank is on an island and over-run with trees. It's going for a good price and my offer has been accepted but on reading through the details it seems I'll have to pay 17% vat on top of the price. If I decide to live on one of the moorings on a boat will I still have to pay the vat
2007-03-27 05:49:18 · 3 answers · asked by Alex 2 in Business & Finance ➔ Taxes ➔ United Kingdom
AS you're on a UK site and VAT is mentioned at 17 (.5) % it's likely you're in the UK.
If the land has been used for business purposes and the owner has "opted to tax" you will pay VAT on purchase, whether you are a business or not.
If you don't use it for business or you're not VAT registered then there won't be any VAT payable on the occupation of the land.
2007-03-27 08:52:12 · answer #1 · answered by Do not trust low score answerers 7 · 0⤊ 0⤋
That sounds very nice. It would seem that the VAT is a one off payment whether you use the moorings or not. Pay up and drift away to the limpid sounds of the river burbling away downstream. Ahhh......
2007-03-27 12:59:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Might help if you tell what continent you are living on.
Tax laws do tend to be different in different corners of the world.
2007-03-27 13:04:44 · answer #3 · answered by matt 7 · 0⤊ 0⤋