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VAT issues that arise in residential developments This Practice Note examines VAT matters encountered in residential development projects. It addresses, among other points, the following areas: different and varying forms of development the potential consequences of granting short-term leases relevant planning obligations and local infrastructure various incentives available to buyers disposals of surplus land and incomplete developments, matters arising from subsequent grants of overriding leases and sales of reversions For VAT considerations in commercial schemes, see the separate Practice Note: Commercial development—VAT issues. This Practice Note also includes references to case law from the EU Court of Justice. For further guidance on whether rulings of the Court of Justice bind the UK courts, see Practice Note: Assimilated law—Assimilated case law. For commentary on assimilated law (previously retained EU law) and tax more broadly, including the bespoke approach now applied in VAT law, see Practice Note: Assimilated law and tax. The Court of Justice decisions...

A Post-Employment Notice Pay (PENP) calculation It uses a set calculation that lets employers identify the taxable portion of a severance package on termination of employment when the basic salary actually paid falls short of what would have been earned had proper or full notice been worked. The method takes basic pay, multiplies it by the remaining notice days, then divides by the number of days in the relevant pay period, before deducting in full any amounts paid net of tax, except for holiday pay and termination bonuses. The requirement to perform a PENP calculation stems from reforms that took effect from 6 April 2018, making all such payments in lieu of notice chargeable to tax and national insurance...