LPA receivers — updated guidance on accounting for VAT
By Peter Jackson and Michelle Williamson
Uncertainty has long surrounded the obligations of an LPA receiver when dealing with a borrower’s VAT position. It is clear that an LPA receiver is obliged to account to HM Revenue & Customs (HMRC) for any VAT collected in the course of its business activities.
Following discussions between HMRC and the Association of Property and Fixed Charge Receivers, HMRC has now updated its guidance to confirm that an LPA receiver is only obliged to account for the net VAT that would be due from the borrower…
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