Tax implications for renting out storage space

legal updates

Storage will be standard VAT rated unless it is incidental to the main supply.

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A recent article by Smith and Williamson, Tax Consultants, suggests many owners of premises may not be aware of a new piece of law starting on 1 October 2012 in regard to VAT implications for people renting out space to third parties.  

The legislation arose due to issues about self storage business but is very wide ranging.  Effectively, storage will be standard VAT rated unless it is incidental to the main supply.

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