VALUE ADDED TAX Flashcards by Nemanja Kojcinovic

Q

What rating is the sale of a leasehold or a new house by the person constructing it?

A

Zero-Rated

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Q

Is the sale of a Green Field Site subject to VAT

A

No - it is Exempt

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Q

Is Construction and Civil Engineering works subject to VAT?

A

Zero-Rated

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Q

Are Legal and other Professional Services subject to VAT?

A

Standard-Rated

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Q

Is the sale of a new Freehold Building subject to VAT?

A

Standard-Rated

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Q

What does SC 1.4.1 state in relation to the Sale of a New Commercial Freehold?

A

The price is Inclusive of VAT

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Q

What does SCPC 2 state in relation to the Sale of a New Commercial Freehold?

A

VAT at the Standard-Rate will be payable to the buyer

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