An updated version of the above book of guidance dealing with the VAT treatment of land and property transactions has been issued. This replaces the previous version issued in 2002.

The guidance should be used to help decide whether there is a supply of land (including buildings) and to determine the VAT liability of a supply of land. It also covers other related areas and reflects HMRC's interpretation of the relevant VAT law.

The guidance should be read in conjunction with the related VAT Notices, Notice 742 Land and property, 742/3 Scottish land law, 742A Opting to tax land and buildings, 709/3 Hotels and holiday accommodation and 701/20 Caravans and houseboats and any relevant Revenue and Customs Briefs and VAT Information Sheets released after the date this guidance was last updated.

The updated guidance is available on HMRC website; http://customs.hmrc.gov.uk