LPC Law Notes Property Law and Practice Notes
A collection of the best LPC PLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of PLP notes available in the UK this year. This collection of notes is fully updated for recent exams, a...
The following is a more accessible plain text extract of the PDF sample above, taken from our Property Law and Practice Notes. Due to the challenges of extracting text from PDFs, it will have odd formatting:
VAT and Commercial Property
Definition | Tax rate | Outcome for Seller/Landlord | Outcome for Buyer/Tenant | |
---|---|---|---|---|
NEW | Completed within 3 years prior to sale | Standard rate = 20% | Will be able to recover input tax incurred in developing the site. If using SCPC, need to incorporate condition A1 in Part 2 SCPC to charge VAT in addition to the agreed purchase price (SCPC 1.1.4 – sale doesn’t constitute a VAT supply) | If tax sensitive, may be reluctant to purchase. If not tax sensitive, can offset the input tax paid on purchase with their own output tax. NB – paying VAT in addition to purchase price may buyer’s financial arrangements. |
OLD P62 Civil Lit | Completed over 3 years prior to sale | Exempt, but option to tax |
| If tax sensitive, may be reluctant to purchase if option to tax is exercised Should try and negotiate provision that Seller will not opt to charge VAT before completion. If Seller is charging VAT, should negotiate that the price be inclusive of VAT |
ANY COMMERCIAL LEASEHOLD PROPERTY | When lease is granted | Exempt, but option to tax | If option made after grant of the lease, s89 VATA 1994 = rent to be increased by the amount of VAT, unless clause in the lease making the rent inclusive of VAT. If option made before... |
Buy the full version of these notes or essay plans and more in our Property Law and Practice Notes.
A collection of the best LPC PLP notes the director of Oxbridge Notes (an Oxford law graduate) could find after combing through dozens of LPC samples from outstanding students with the highest results in England and carefully evaluating each on accuracy, formatting, logical structure, spelling/grammar, conciseness and "wow-factor".
In short these are what we believe to be the strongest set of PLP notes available in the UK this year. This collection of notes is fully updated for recent exams, a...
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