VAT liability - Landlord gifting case
We were contacted by a client who had been given a rent-free period and, interestingly, a crane, by his landlord, all in the hope of encouraging him to surrender his lease and vacate a property earlier.
The client wanted us to work out his VAT liabilities regarding the crane, lease surrender and payment-free period.
Using our expert knowledge we looked into the case and found that the surrender of the lease was VAT exempt, and that the rent-free period was also outside the scope of VAT payment.
In VAT terms, the crane counts as an additional consideration, and is also exempt.
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