Decision details

The council and Brent Cross South (BXS) are in the process of securing the land needed to deliver the first phases of the BXS development. The council acquired Unit 1 Claremont Way and Claremont Clinic from Hammerson and Aberdeen Standard Investments (HASI) on 9 July 2020 as identified on the plan at Appendix 1 (“the Land”). The transaction was not a “transfer of going concern” (TOGC) and HASI had already opted to tax on the Land and as such the sale price for the Land was subject to VAT. The Council needs to Opt to Tax the Land to recover the VAT and ensure all future supplies made in relation to this interest will be standard rated. In addition, the Council would be able to recover any VAT incurred in making those supplies.

Decisions:

1. To endorse approval to the in principle decision to opt to tax the land identified on Plan 1 annexed and to authorise officers to make the requisite application to HMRC.