A company is selling a freehold commercial property which was built two years ago. The company has not exercised an option to tax for VAT purposes in respect of the property. Contracts have just been exchanged with the buyer. The contract incorporates the Standard Commercial Property Conditions (3rd edn, 2018 revision.and contains no special conditions in respect of VAT.Which one of the following statements best describes the position as to the payment of VAT on the purchase price upon completion?

A、There will be no VAT payable by the buyer on the purchase price because the property is a 'new' building for VAT purposes.
B、The standard conditions provide that the purchase price is deemed to be inclusive of VAT and so no further VAT on it is payable by the buyer.
C、There will be no VAT payable by the buyer on the purchase price because the company has not exercised the option to tax in respect of the property.
D、The Standard Conditions provide that the purchase price is deemed to be exclusive of VAT and VAT on it is payable by the buyer.
E、There will be no VAT payable by the buyer on the purchase price because the use of the property is commercial and the sale will therefore be an exempt supply.