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Global > United Kingdom >  Services > Tax > Budget 2007 > Non-business use of buildings
 

 

Non-business use of buildings

These changes affect the method of VAT accounting on land and buildings and other assets used for both business and non-business purposes.

Regulations will now specify a 10 year period over which VAT must be accounted for on the non-business use of land and buildings (eg by a charity or a higher/further education college) where VAT has already been recovered. The regulations will be effective from 1 September 2007 and are likely to provide transitional relief.
 

Our view
These changes will give rise to more significant (and earlier) VAT costs dependent on the level of non-business use. There is also likely to be some uncertainty around VAT accounting for assets previously acquired.

 
   

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