➡Land and property transactions

VAT land and property law is complex; errors on large property transactions can be costly so it pays to get it right from the outset.

For instance if VAT is not charged correctly at the time and it is later found to be due, it is not always possible for a seller to recoup this from the purchaser leaving the seller to foot the bill and lose a significant part of his profit. If the contract of sale allows the purchaser to be held responsible for VAT omitted from a purchase, this can lead to the VAT being irrecoverable in the hands of the purchaser if they did not expect to incur VAT. A no win situation for one of the parties. Prevent VAT issues from occurring by contacting AberVAT at the outset to review your transaction.  In fact, AberVAT will keep you posted on steps that you can take to minimise VAT costs on an ongoing basis on property sales, purchases and leasing.