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VAT on site

  • 01-02-2009 9:16pm
    #1
    Fat Joe
    Registered Users, Registered Users 2 Posts: 60 ✭✭


    I am in the process of buying a 1 acre site. Do i need to pay VAT on the purchase? My accountant says no as I am only buying a green field.


Comments

  • #2
    muffler
    Registered Users, Registered Users 2 Posts: 46,555 ✭✭✭✭muffler


    Moved from construction & planning to accommodation & property


  • #3
    sunnysoutheast
    Registered Users, Registered Users 2 Posts: 2,072 ✭✭✭sunnysoutheast


    We paid VAT on our site, but it was a serviced site with full permission.

    Note that you should only pay stamp duty (9%, FFS) on the VAT-exclusive price. We got a refund from the Revenue for the overpayment.

    SSE


  • #4
    Victor
    Registered Users, Registered Users 2 Posts: 78,580 ✭✭✭✭Victor


    If the site has been improved by a certain extent by the previous owner, then VAT is payable.

    If its just a piece of a field that has always been and is in agriculture then it hasn't been improved.

    There are detailed rules that are probably available on www.revenue.ie - look for VAT on property.

    Get professional advice from a accountant or solicitor with relevant experience.


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