Relevant contracts tax for the property and construction sector
VAT and RCT law relating to property and construction projects is a complex and challenging discipline. VAT on property rules were overhauled over three years ago.
Since then there are essentially two sets of rules; one dealing with property acquired since July 2008 and another dealing with property held on that date. There are also complex rules interlinking VAT and RCT in relation to construction services. Advice should be sought before entering such transactions.