Reply To: VAT payable on property transfer as TOGC?

Forum Categories VAT ON PROPERTY TRANSACTIONS VAT payable on property transfer as TOGC? Reply To: VAT payable on property transfer as TOGC?


Thanks for your reply Trevor. The building which is a mixed development was set up for VAT by the original developers/builders and my father when he bought it (the 2 ground floor commercial units with 8 flats above which pay ground rent) in 2011 he was told that he had to opt in for VAT. When my dad passed away in 2014, my brother and I inherited it and we also had to opt in for VAT and set up an account with HMRC as a partnership which was what HMRC advised us to do at the time. I recall phoning HMRC back then and explaining the situation and they told me that my brother and I will need to take over as partners in terms of VAT so we actually took over my dad’s acccount – our VAT number is the same as the one he had. So we collect VAT from the 2 tenants and pay it onto HMRC each year. Nothing with the tenants will change, only now I will be buying my brother’s half and instead the building will belong to myself and my wife. So I just want to know what the right thing to do is with regards to HMRC. Thanks