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VAT on Property

  • 06-07-2009 4:23pm
    #1
    noveltea
    Registered Users, Registered Users 2 Posts: 217 ✭✭


    IF I own a property before the 1st of July changes do new leases after 1st July use the transitional rules even if its a residential property. or regaurdless of when I first owned the property residential property is always exempt???


Comments

  • #2
    sawilson2003
    Registered Users, Registered Users 2 Posts: 37 ✭sawilson2003


    noveltea wrote: »
    IF I own a property before the 1st of July changes do new leases after 1st July use the transitional rules even if its a residential property. or regaurdless of when I first owned the property residential property is always exempt???
    Where a property is leased for residential use you can NOT opt to tax the letting, therefore cannot claim back any VAT on expenditure. The transitional rules have no effect on this


  • #3
    Kingkong
    Registered Users, Registered Users 2 Posts: 562 ✭✭✭Kingkong


    Under the old rules couldnt you opt to treat private resdential letting as a Vatable service, i.e. didnt loads of thoses holidays home that were built around the country claim back the VAT on purchase because they charged VAT on the rents?


  • #4
    sawilson2003
    Registered Users, Registered Users 2 Posts: 37 ✭sawilson2003


    Short term letting (under 10years) were not regarded as a supply of goods and were exepmt from VAT, therefore no claim on the purchase.

    One exception to this is:

    Lettings of accomodation for visitors/travellers (holiday homes) rents are subject to VAT and therefore the deduction was allowed on purchase.


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