If you sell, lease or let commercial land or property, you can choose to waive the exemption and to charge VAT at the standard rate. This is known as opting to tax land and buildings. VAT incurred in making taxable supplies can be reclaimed. Acquiring or creating a capital asset But, it’s possible to choose to standard rate some supplies of property which would otherwise be exempt, by opting to tax, whereby the supplies you make of an interest in land or buildings, or both, will, in most cases, become taxable (see Opting to tax land and buildings (VAT Notice 742A)). Developers can elect not to pay money to the local authority but instead to transfer an asset such as land to the authority. Again this is not consideration for any supplies by the local authority to the developer. But the transfer of the asset can result in a supply of it by the developer to the local authority. See paragraph 7.6 for further information. 8.4 Planning gain agreements When a development is undertaken there may need to be road improvements. These road improvements will normally be undertaken in either works carried out by the:

a building is sold and the incoming landlord will receive rent from tenants in occupation which relates to the period when the outgoing landlord was in ownership

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If the land or buildings are capital items for the purposes of the Capital Goods Scheme you may need to make a final adjustment under the scheme. Further information can be found in Capital Goods Scheme (VAT Notice 706/2).

the fish taken away are of a species generally used for food in the UK (see Food products (VAT Notice 701/14))made outside the UK and the Isle of Man (see paragraph 4.8.3 for special place of supply rules for certain international services) If you’re a landowner or a tenant, and you grant shooting rights for less than their normal value to a syndicate of whom you’re a member, you must account for VAT on the full value of those rights. If you supply other goods or services, such as the services of a gamekeeper or beater, you should charge VAT in the normal way. 6.4 Supplies relating specifically to fishing 6.4.1 Still-water fisheries

A commonhold may only be registered upon the agreement of all those with a prescribed interest in the property. granting a concession to operate a shop within a shop, where the concessionaire is granted a defined area from which to sell their goods or services VAT is a tax on consumer expenditure. It’s collected on business transactions, imports and acquisitions. Where a licence to occupy is granted together with other goods and services as part of a single supply, the nature of the overarching supply will determine how it should be categorised for VAT purposes. Charges can be levied by the commonhold association to pay for the upkeep of common parts. These charges are referred to as commonhold assessments and reserve fund levies and are treated in the same way as service charges to a long leaseholder or a non-commonhold freeholder.tenant takes up both the lease of the dwelling and the lease of the garage or parking space from the same landlord For examples of supplies that are not licences to occupy see paragraph 2.7. 2.6 Examples of supplies that are licences to occupy land leasehold, which confers upon the person designated leaseholder a lesser interest in a property such as holding that interest for a fixed number of years Read about Stamp Duty Land Tax. 8. Developers’ agreements 8.1 Dedicating or vesting new roads or sewers