VESTED BUILDING RIGHTS???

[morphadron]

Hello everyone,
I am from Bulgaria!I have a question about this kind of building rights. I am not quite sure that this is the right name but i need to know all about them in your country, because i am doing a research work about this kind of rights. My plan is to compare your VAT practice with ours. But first let me explane what i we understand here under this "vested building rights":
Simple explanation is that we have 2 persons- the owner of the land; and the building company. The owner transfer this "vested right" to the building company, and the company in exchange for this right gives to the owner a few flats instead of money! Here in BG this kind of transaction is free of duty (VAT) i need to know is that the right name - "vested building rights" or it is something else, and is there a VAT in Uk about this kind of deals?? Thank you in advance!

[morphadron]

I am starting to thing that no one knows what i am speaking about? Let me give more clues:
This kind of right have 3 years "live period", after that it is no longer available for the building company. You see like i sayed the land is owned from the owner but the building is owned by the building company! After this right is given to the company(builder), in exchange of an apartaments(flats), this right is transfered to the company to make it posable for them to build the structure on someone elses property! An object for that kind of deals is the RIGHT not the land! Please help me if you can!Thanks in advance!

[morphadron]

Ups my mistake, the "live" of this right here in BG is 5 years not 3 but as i can see no one have the expirience with this kind of building right....

[morphadron]

" a right belonging completely and unconditionally to a person as a property interest which cannot be impaired or taken away (as through retroactive legislation) without the consent of the owner "
Come on people aren't you familiar with this procedure???!

[SeanJames]

Hello,

So the basis of the transaction is that Person A (Landowner) gives Person B (Property Developer) some land to build on, in return for Person B giving Person A some of the apartments or flats once the property has been built on that land?

Cheers
Sean

[morphadron]

Yes you got the idea. I am searching in your VAT law to find out where/or if there is/ written what is the amound/percentage of the Vat, and what is the treatment of this kind of building right according to your Vat law. But i cant find it. Is there a link that you can give me for UK Vat law? I am starting to thing that this kind of right is not widespread in your country Vat practice.... thanks in advance!

[morphadron]

I think i found what i need, but i nees someone to take a look at this link here and discuss what exactly is written there, i mean is this kind of right shall be charged with Vat? I started to read it but it seems that i just got confused with it.... can somebody please help me?! This is the link http://www.opsi.gov.uk/Acts/acts1994/uk ... n_21#sch10