Three changes are proposed to the VAT treatment of property. Last year's Finance Act introduced the concept of economic value into VAT law. Economic value means the cost of acquisition and development of a property and identifies the full amount on which the developer claims input VAT in respect of the development of a property. This concept was introduced to prevent avoidance schemes. Section 114 ensures the meaning of "development" in the definition of economic value includes expenditure such as architects' and other professional fees.