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No input tax restriction for real estate Limited Partnership Fund

The UK Tribunal has allowed the appeal by the general partner of Melford Special Situations LP (the Fund), concerning the recovery of input tax. The case was regarding the full deduction of VAT on Set-up Costs and the Operating Costs as input tax by the appellant. The appellant holds shares in Hyde Park Hayes Ltd (HPH). HPH, in turn, has shares in a number of companies or special purpose vehicles (SPV’s) and both hold the separate underlying assets.

Source Taxscan