VAT on property claims
This paper provides an overview of VAT and the impact it may have on property claims. Different VAT statuses are discussed, including partial exemption, zero rated and “opt to tax”.
The paper highlights why VAT may have an impact on property claims from both a building repair and sums insured perspective. The author also explains how commercial property owners can “opt to tax” or not and the potential effects of this. The criteria for zero rated building works is highlighted and readers are also provided with useful reference sources, including HMRC guidance and how to check a VAT number.
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