HM Revenue & Customs (HMRC) has published a summary of the responses received from its call for evidence on its consultation on simplifying the VAT land exemption.
HMRC has been quick to accept that the three simplification options previously considered and rejected by the Office of Tax Simplification (OTS) are not viable. Further, linking the VAT liability of interests in land to the Land Registry will not be pursued.
In its publication, HMRC has reacted positively to those suggesting that the land and property VAT landscape would be easier to navigate with clearer guidance on the application of certain elements of the law. It would also drive consistency of approach for HMRC Officers when considering transactions.
HMRC recommits in the document to publish the long-awaited guidance on its view of dilapidations, overages, call options and rights of light. However, no timeframe for the updates was confirmed.
Source Saffery
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