VAT Recovery, Or Not, On Premises For An Exempt Business

VAT Recovery, Or Not, On Premises For An Exempt Business

VAT Recovery, Or Not, On Premises For An Exempt Business

My client is a partnership buying a disused farm building from the owner who has opted to tax it. The client is then converting it into a children’s day nursery. They will occupy the building and run the nursery themselves. Are supplies by a nursery VAT exempt, and can they reclaim any of the input tax on the purchase of, and/or the works to, the building? The purchase price will be £250,000 and the conversion will be roughly the same amount again.

 

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