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Client buys a property and pays £10,000 in VAT Client then does property up and pays a further £5,000 in VAT Client then rents property out. Assuming they want the whole £15,000 back (i.e. that they are sane) does the OtT need to be in place before the property is bought? Basically can the client opt, say, halfway through the repairs and still reclaim the £10,000? Given the £10,000 may be incurred in quarter 1 and the first rents received in qtr 3 (say) can the £10,000 be reclaimed on the basis there will be a taxable supply later? Lastly I assume the OtT must have been approved by HMRC before it is valid, so if it has to be done before the first expense do they need to delay purchasing while HMRC think it over?

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