Sub-sales and VAT, Customs and Excise policy

An election to waive the exemption from VAT does not have effect if the relevant building is sold and it is intended to be used as a dwelling. In SEH Holdings Ltd, 4 August, 2000, a VAT and Duties Tribunal case, it was held that it is the intention of the immediate buyer that is relevant. So where there is a sub-sale, (as there was in SEH Holdings) it is the intention of the immediate buyer (and not the sub-buyer) that is relevant.

The requirement to look at the intention of the immediate, and not the ultimate, buyer will be applied strictly by Customs and Excise in respect of transactions that take place on or after 1 August, 2001.


 

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