Registration of all overseas landlord tax cases is made with the Centre for Non Residents (CNR), previously known as FICO. It is essential that new sources of rental income are notified within strict time deadlines.
One of the most common failures at the time of a new acquisition is not to register the acquiring vehicle for VAT and obtain a VAT registration number. Unless elected for VAT, the building cannot be transferred as a going concern and large sums of tax may be payable.
- Q.
- How quickly can a VAT registration number be obtained for an SPV acquiring a property?
- A.
- Provided all the necessary documentation is supplied with the application, it's usually possible to obtain a registration number within five working days.