We have converted an agricultural building for our son to live in. I have submitted the form with the invoices for a VAT refund. They have written back and they want to know the arrangement for our son residing in the property so that’s fine because he’s got his council tax and broadband bill et cetera. They also ask if I can confirm ownership of the build and if there has been or will be any financial transaction between us and our son for the property such as selling the property or letting.
The arrangement we have with our son is that every month he’s paying us an amount of money which is to just pay back the money we spent out on the construction (excluding the VAT of course if we get it back). We are giving him the agricultural building and the land it stands on so no financial gain. The house is not yet in his name; we are going to draw that up in three or four years time.
Does this sound ok, please?
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