This webinar is ideal for:

• Parish, Town & Community Councils navigating asset transfers.

Local Government Reorganisation (LGR) has sparked considerable recent interest in transferring community assets to local councils, and with good reason. However, the concerns are not limited to LGR areas. Many of the same VAT issues encountered when community assets are transferred will also arise in other types of acquisition, whether newly built or redeveloped/refurbished.

The concerns will centre on:

• Where the local council will incur VAT; and
• What it needs to do to recover that VAT.

The answers depend on the details.

Join Richard Strevens, Associate Director & Indirect Taxes Divisional Lead at PSTAX, as he breaks down the complexities of indirect tax during community asset transfers, from initial acquisition through to long-term use.

Richard has been specialising in local authority VAT and Land Taxes for over 35 years. Having worked for District and London Borough Councils for 21 years, Richard moved to the private-sector accounting firm BDO in 2007 before joining PSTAX in March 2009. He has since authored the Town and Parish Councils VAT Guide.

This session will be based on a real case study — a new multi-purpose community centre — to explore how to assess the VAT implications.

You will discover:

• The VAT Liability of the Asset Transfer and its Subsequent Use: How to evaluate the tax status when acquiring an asset and running it long-term.
  
• The Risks to the Local Council's VAT recovery: Including how Partial Exemption rules apply.
  
• Possible Mitigating Steps and Compliance Requirements: Including VAT Registration and the Option to Tax.