Council Directive 2006/112/EC of 28 November 2006 on the common system of value added tax (c. 112)

TITLE XIII U.K. DEROGATIONS

CHAPTER 1 U.K. Derogations applying until the adoption of definitive arrangements

Section 3 U.K. Provisions common to Sections 1 and 2

Article 392 U.K.

Member States may provide that, in respect of the supply of buildings and building land purchased for the purpose of resale by a taxable person for whom the VAT on the purchase was not deductible, the taxable amount shall be the difference between the selling price and the purchase price.