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A query was raised regarding whether the delivery of a property following the exercise of a purchase option in a financial lease before ten years, having undergone renovation, constitutes a first or second delivery. The DGT has determined that the transaction is subject to but exempt from VAT.
Question posed: Classification of the acquisition of the property as a first or second delivery of a building, taking into account that the exercise of the purchase option is carried out before ten years have elapsed but once the rehabilitation has been completed.
The delivery of a rehabilitated building following the exercise of a purchase option in a financial lease shall be subject to and exempt from VAT. The exception in letter a) does not apply because the requirement that the acquirer performs the rehabilitation is not met, as the property has already been rehabilitated at the time of the transfer. The taxable person may waive the exemption if the acquirer is a taxable person with the right to deduction.
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