VCONST03590 - Zero-rating major interest grants in buildings: 바카라 사이트˜person constructing a building바카라 사이트™: delays between completion and the major interest grant
The Court of Session judgment in Link Housing Association Ltd ([1992] STC 718) has confirmed that zero-rating is not affected by delays between completion of construction and the making of the major interest grant. They stated:
The phrase 바카라 사이트˜a person constructing a building바카라 사이트™ means not only 바카라 사이트˜a person who is still in the course of constructing a building바카라 사이트™ but also 바카라 사이트˜a person who is simply the constructor of the building바카라 사이트™.
Consequently, if a developer makes a short lease in a building prior to making his first major interest grant in it, the major interest grant can be zero-rated. However, there may be partial exemption implications. For more information, check the Partial Exemption Guidance.