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A company acquired a property for renovation (paying VAT) but ultimately sold it to a university without performing any works. The DGT clarifies whether the VAT from the initial purchase must be rectified and the procedure for doing so.
Question posed: Whether the rectification of the Value Added Tax accrued in the first transfer of the real estate must proceed.
Upon the change of circumstances following the initial transfer, the delivery to the third party is exempt pursuant to Article 20.One.22 of Law 37/1992. Since the initial VAT was correctly applied according to the circumstances at that time, it does not constitute undue income, but rather a modification of the tax base. The taxable person must rectify via the alternative provided in Article 89.five.b), regularizing in the tax return and refunding the tax amount to the recipient.
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