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The changes in the direct tax rules (such as the introduction of loan relationships), the continuing development of the law on VAT and land and the significant hike in the rates of stamp duty have necessitated a new edition of this well received book. Any professional involved with land needs to have a clear guide through the maze of tax legislation and practice. This book aims to provide such a guide.
The book deals in detail with the relevant law and practice concerning UK Land Development. In particular, it deals with the VAT rules and Stamp Duty changes which have had such an impact on land transactions. The VAT Chapter has been completely rewritten and a new chapter on Stamp Duty added. A case study is included to assist the reader’s understanding and to set the relevant law in a practical context.
Topics covered include ;
Is the transaction VATable? Is the VAT recoverable? Is the planning gain VATable? Is dedication of a highway VATable? Does the capital goods scheme apply? How should a reverse premium or an inducement payment be taxed? Is the interest deductible? Can it be paid gross? Is there a development profit is it taxable? Are capital allowances available? How should a joint venture be structured? Capital or Income? Trading? Is the document stampable? Is the transfer stampable on the market value of the land ? Is stamp duty payable on potential VAT?
This book will also explain the anti-avoidance provisions and show how to deal with them in a practical way.