VAT on New Sale
Hi all,
Can anyone advise on the rules for VAT when purchasing a new house. We will buy the house directly from the developer, mostly completed apart from, floor tiles, bathrooms and kitchen, which will be completed separately.
The developer wants us to pay an amount for the house (let's say X) and then another amount once the other work is completed (let's say Y). If we sell within the 1st 5 years what liability for VAT will have to be paid?
Is this just a mechanism for the developer having to avoid paying VAT because the house isn't completely finished?
Thanks for any help.
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