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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