IVA on Bank Guarantees
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When you pay the 30% deposit for an off plan property, you pay IVA (i.e. VAT) on it. However, when you execute a Bank Guarantee, you can get the deposit back but not the IVA. If this is true, where does the IVA go to. E.g. If you buy a Refrigerator which turns out to be faulty, you take it back to the supplier / shop. You get a full refund including the IVA you have paid for it. Why does the same principle not apply to the Bank Guarantee ?? Or does it ?? Any views ?
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