Paragraph 6 C1
United Kingdom
Where this paragraph applies the interest in, right over or licence to occupy the building or work (or any part of it) held by the developer shall be treated for the purposes of this Act as supplied to the developer for the purpose of a business carried on by him and supplied by him in the course or furtherance of the business on the last day of the prescribed accounting period during which it applies or, if later, of the prescribed accounting period during which the building or work becomes substantially ready for occupation or use.
The supply treated as made by sub-paragraph (1) above shall be taken to be a taxable supply and the value of the supply shall be the aggregate of-
the value of grants relating to the land on which the building or work is constructed made or to be made to the developer, other than any grants to be made for consideration in the form of rent the value of which cannot be ascertained by the developer when the supply is treated as made; and
the value of all the taxable supplies of goods and services, other than any that are zero-rated, made or to be made for or in connection with the construction of the building or work.
Where the value of a supply which, apart from this sub-paragraph, would be treated as made by sub-paragraph (1) above would be less than £100,000, no supply shall be treated as made by that sub-paragraph.
Annotations
Modifications
- C1
Sch. 6A paras. 5, 6 excluded by Finance Act 1989 (c. 26, SIF 40:2), s. 18, Sch. 3 para. 13(6)
Notes on the whole Act
Textual amendments
- F1
Act repealed (1.9.1994) by 1994 c. 23, ss. 100(2), 101(2), Sch. 15 (with Sch. 13 paras. 2, 6, 9)
Notes on Schedule 6A
Textual amendments
- F1
Sch. 6A inserted by Finance Act 1989 (c. 26, SIF 40:2), s. 18, Sch. 3 para. 6(2)