Fixed charge receivers have a duty to account for VAT on properties in receivership. Philip Alfandary and Maria Connolly examine the problems they may encounter
What are fixed charge receivers?
Fixed charge receivers (FCRs) also known as LPA receivers may be appointed by a lender where there has been of a fixed charge held by that lender over a property. The mortgage deed will usually extend the powers afforded by statute (which are principally limited to of rents) and enable an FCR to deal with charged property by way of sale and/or the grant of a lease. The sale may be immediate in which case the sale proceeds would be paid to the lender or deferred for some time in which case the fixed charge receiver will have an ongoing role in collecting rents and paying these to the lender.
It is worthwhile allaying...
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Fixed charge receivers have a duty to account for VAT on properties in receivership. Philip Alfandary and Maria Connolly examine the problems they may encounter
What are fixed charge receivers?
Fixed charge receivers (FCRs) also known as LPA receivers may be appointed by a lender where there has been of a fixed charge held by that lender over a property. The mortgage deed will usually extend the powers afforded by statute (which are principally limited to of rents) and enable an FCR to deal with charged property by way of sale and/or the grant of a lease. The sale may be immediate in which case the sale proceeds would be paid to the lender or deferred for some time in which case the fixed charge receiver will have an ongoing role in collecting rents and paying these to the lender.
It is worthwhile allaying...
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
