Couples are often advised to take joint ownership of commercial properties to maximise the direct tax position. If one of them already owns the property, is VAT registered and has declared an ‘option to tax’, the VAT position of the transfer from one entity to another will need to be dealt with.
Getting it wrong could create issues should you choose to sell the property at a later date.
If you are considering joint ownership of commercial property and there is an existing VAT registration in place, get in touch
with one of the VAT managers at Lovewell Blake to confirm how to take the right action.