‘A change in VAT policy by HMRC is good news for certain property businesses according to leading accountants.
HMRC has announced a change in VAT policy in relation to the conditions for there to be a transfer of a going concern.
One source comments: “This is good news for any business that has paid VAT on the purchase of a property business they have not been able to fully reclaim, as there may now be an opportunity to apply for a VAT refund.
“More importantly, the decision means that it may also now be possible to obtain a refund of stamp duty land tax.”‘
Source: The Birmingham Post