HMRC’s guidance makes it clear that a variation consisting solely of a rent reduction will have no VAT or SDLT consequences. However, the situation is less certain where the tenant agrees to do something in exchange. For VAT purposes, a tenant’s agreement to do something in exchange for a rent reduction may constitute a supply from the tenant to the landlord.
Source gov.uk
Latest Posts in "United Kingdom"
- Supreme Court Decision Mandates Prudential to Pay VAT on £9.3 Million Success Fees
- UK Supreme Court Rules on VAT Grouping and Time of Supply in Prudential Case
- High Court Rules in Favor of Hotelbeds UK on Input Tax Recovery Without VAT Invoices
- HMRC Updates Notice 700/45: Correcting VAT Errors, Claims, and Penalties Guidance Revised
- HMRC Updates VAT Notice 700/45: New Guidelines for Correcting Errors and Claiming Refunds
