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VAT at auctions


regan_s

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Hi all,

First post on the Hub group and looking for some help on auction purchases.

I’m looking to purchase a residential property at Auction and my question is do you have to pay VAT on the final hammer price? I’ve read various legal packs on properties, on different auction sites however they aren’t completely clear as to whether of not it is applicable. Is this so they aren’t liable either way? Is it common place to pay VAT? Any help would be appreciated.

Thanks all,

Regan

 

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Hi,

Residential property sales are exempt from VAT, unless its first sale of a new build, so if it is at auction, its almost definitely going to be without VAT.

Commercial and mixed properties are different.

Are you buying using a ltdco?

If you need tax or accountancy support let me know.

Phil

07531903508

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