A to Z of land and buildings terminology

Produced by a Tolley Value Added Tax expert

Value Added Tax

Guidance

The following list, while not exhaustive, provides an overview of the meanings of commonly used terms that a business and / or its adviser may encounter when dealing with a land and property transaction:

Term	Definition
Alienation clause	Clause restricting the tenant’s right to assign a lease or sublet a property
Beneficial occupation	The occupation of land to the benefit or advantage of the occupier
Beneficial owner	A party that has title to the land for their own benefit
Charge certificate	This is the certificate issued by the Land Registry to the mortgage lender showing the charge on the Land Registry
Charge	This is an interest in land which secures payment of a debt
Chattels	Moveable personal property
Completion	This is the final step which leads to the transfer of ownership of a property. The purchaser receives the title documentation in exchange for payment of the purchase price
Completion monies	This is the sum payable to the vendor to complete the purchase of the property
Completion

Continue reading the full document

To gain access to additional expert tax guidance, workflow tools, generative tax AI, and tax research, register for a free trial of Tolley+™

TAKE A FREE TRIAL NOW

Popular Articles

Personal Tax

VAT on property disposals

VAT on property disposalsThis guidance note provides an overview of the VAT treatment of selling property that is located in the UK. The UK includes Great Britain, Northern Ireland and the territorial sea of the UK. The sale of any land or building located outside the UK is outside the scope of UK

14 Jul 2020 13:57 | Produced by Tolley Read more

Personal Tax

Interest and penalties on late paid tax under self assessment

Interest and penalties on late paid tax under self assessmentInterestIf the capital gains tax, the balancing payment or payments on account of tax and / or Class 4 national insurance contributions (NIC) are paid late, HMRC will charge interest on the amount overdue from the original due date. The

14 Jul 2020 12:00 | Produced by Tolley Read more

Value Added Tax

Holding companies ― VAT status of activities

Holding companies ― VAT status of activitiesThis guidance note examines how to determine the VAT status of a holding company’s activities. In particular, it looks at:•when a holding company is or is not in business•if a holding company is in business, whether its activities are exempt or taxableThe

14 Jul 2020 17:13 | Produced by Tolley Read more

��˾��ҹ��