Real estate and investment trusts

Uitvoering van vastgoedtransacties

Bij de aankoop van vastgoed komen veel juridische en fiscale zaken kijken. Om te beginnen is een korte of uitgebreide juridische en fiscale due diligence van groot belang, zeker indien het vastgoed niet rechtstreeks wordt gekocht, maar via aandelen in een vastgoedlichaam. Daarnaast zullen (koop)overeenkomsten moeten worden opgesteld. Bovendien dient rekening te worden gehouden met de heffing van omzet- dan wel overdrachtsbelasting. Soms verdient de aankoop van vastgoed of een vastgoedlichaam voorafgaande juridische of fiscale structurering, bijvoorbeeld om te zorgen dat sprake is van maximale fiscale renteaftrek.

HVK Stevens kan uw onderneming of beleggingsfonds ondersteunen in elke fase van de vastgoedtransactie.

Fiscale vastgoedwaardering

Wanneer uw onderneming een pand gebruikt, dan kunt u het pand afschrijven tot de fiscale boekwaarde de zgn. fiscale bodemwaarde heeft bereikt. Dit leidt ertoe dat uw onderneming minder inkomsten- of vennootschapsbelasting betaalt. Daarnaast kan de situatie zich voordoen dat de waarde van het vastgoed zelf is gedaald door bijvoorbeeld de ontwikkelingen op de vastgoedmarkt. Wanneer sprake is van een duurzame en aanmerkelijke waardedaling is het mogelijk het vastgoed fiscaal af te waarderen, hetgeen tot een verdere belastingbesparing kan leiden. In dit laatste geval kan het wel zo zijn dat de fiscale bodemwaarde wordt onderschreden. Fiscale afschrijvingen worden dan bevroren totdat de fiscale boekwaarde na herwaarderingen weer boven de bodemwaarde uitkomt.

De fiscalisten van HVK Stevens kunnen uw onderneming helpen bij een optimalisering van de fiscale vastgoedwaardering binnen uw onderneming of beleggingsfonds.

Setting up a property fund

If you are considering investing in real estate jointly with others, we advise you to consider setting up a real estate investment fund. By setting up an investment fund with transparent rules, it is clear to all participants how the joint investment will be shaped.

In practice, many collective property investors decide to set up an investment fund in the form of a limited partnership (CV), joint-stock fund (FGR) or cooperative.

Good guidance in this respect is essential. If required or desired, we will be happy to assist you with drafting a prospectus or investment memorandum, designing a legal fund structure, writing legal documents for both the fund and the manager(s) and custodian(s), and setting up the fund entity or entities.

From a fiscal point of view, much attention will be paid to the turnover tax within the fund, the tax deduction of interest and the optimisation of the fiscal position of the (domestic and foreign) fund participants. In addition, it may be desirable to obtain advance assurance from the Tax Authorities on, for example, the fiscal position of the fund and/or the fund managers.

Project development

If your (real estate) business or property fund, purchases real estate with the purpose of redeveloping or transforming, we advise you to thoroughly map out in advance what the consequences will be for the levying of VAT and transfer tax. After all, VAT is charged on the – sometimes considerable – costs of transformation. The answer to the question of whether this VAT constitutes costs in the project operation, depends on the nature of the transformation and the future use of the transformed property. In this respect, each transformation stands alone.

If the transformation of the real estate leads to the creation of a new manufactured good, then a subsequent resale of the real estate is VAT taxed (but exempt from transfer tax). VAT on the transformation costs is then deductible. HVK Stevens assists many clients in this so-called “renewal discussion” with the tax authorities.

Even if and insofar as the transformed property is let with VAT, the VAT on the transformation costs is in principle deductible. HVK Stevens assists developers in making a reliable VAT forecast.

If, on the other hand, the transformed property is let to private individuals, the starting point will be an exempt use and the VAT on the transformation costs will normally not be deductible. However, the lease can be designed in such a way that VAT may be deductible after all.

The fiscal reinvestment reserve

When your company or investment fund proceeds with the sale of real estate, you can avoid immediate corporation tax being levied on the realised book profit. By forming a reinvestment reserve, this taxation can be postponed. Forming a reinvestment reserve is subject to a large number of conditions. For example, the company or fund must in principle make its reinvestment in no later than the third financial year after the year of sale. The company or fund must also always have the actual intention to reinvest the sale proceeds during that period and must always be able to make that intention plausible to the Tax Authorities. In practice, the existence of a (realistic) reinvestment intention is often discussed with the tax authorities.

HVK Stevens has a multidisciplinary real estate team including tax experts, lawyers and civil-law notaries. The real estate team of HVK Stevens is therefore able to draw up and implement real estate advice.

Contact us