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A business purchases a building for £1 million and incurs £200,000 VAT. The building is to be used for 60% business purposes and 40% charitable use. How do i reclaim input VAT?
Under the CGS rules all of the expenditure on the building (£1 million) is the value for CGS purposes. As the CGS threshold for buildings remains at £250,000, the input VAT claimed needs to be clawed back over the 10 year period depending on the use.
You can find more information on CGS on HMRC website.
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