Closing of VAT refund on investment properties

Is there any official info on when this is due to occur?

Is it a vote spoiler to potentially screw up many investors waiting to close on property?

This will take place when the Finance Act 2007 is passed. This is only weeks away at best. No vote spoiler here.

I don't think investors will be particularly happy but there are not enough of them in the vat net to constitute a vote spoiler, I'd imagine.

This closing will have an effect on the property market ( at this point immeasurable ).

How many apartmemts may return to developer not closed due to this.
I would imagine :

A.it Could be a windfall in certain developments to developers being able to get returns at historic prices or

B.A burden in other areas where they will not be able to sell the returns at all.

If contracts are signed and sale is not completed, the developer is legally entitled to keep the 10% deposit. I'm sure this will go some way toward helping him lick his wounds.

Indeed the Finance Bill has been passed today confirming the change in legislation.

As far as I know, if contracts were signed before today the VAT is still refundable.

Hi

See this link [broken link removed]