Resource for VAT on property

ssbob

I am looking for a good resource for VAT on property, I recently took on a client who is a 75% shareholder in a ltd company, he bought a warehouse in his own name which he wants to claim VAT back on it, he is letting his company use the warehouse however for free.

I am looking for a good concise resource so I can check out the connected persons and the 5yr/2yr rules so I can decide whether or not this gentleman can claim VAT back.

No advice please just point me in the right direction

Victor

Revenue have a large manual dealing with VAT -v- stamp duty. I don't recollect the name / number.

nompere

This is the Revenue guide.

http://www.revenue.ie/en/tax/vat/property/index.html

Don't get VAT on property wrong - the numbers tend to be large and the Revenue aren't forgiving.

The Irish Taxation Institute publish a dedicated VAT on Property book.

http://www.taxireland.ie/services/37145.aspx

It's the best €38.50 you will ever spend.

sled driver

ssbob wrote: »

I am looking for a good resource for VAT on property, I recently took on a client who is a 75% shareholder in a ltd company, he bought a warehouse in his own name which he wants to claim VAT back on it, he is letting his company use the warehouse however for free.

I am looking for a good concise resource so I can check out the connected persons and the 5yr/2yr rules so I can decide whether or not this gentleman can claim VAT back.

No advice please just point me in the right direction

Sorry, it's not a book, but the "VAT warning" the Law Society deems appropriate to provide to it's members in relation to VAT on property is infinitely more prudent..........

"If you are in doubt about any matter relating to section 4(3A) or any other provision dealing in VAT on property you should consult a practitioner with expert knowledge".

ssbob

sled driver wrote: »

Sorry, it's not a book, but the "VAT warning" the Law Society deems appropriate to provide to it's members in relation to VAT on property is infinitely more prudent..........

"If you are in doubt about any matter relating to section 4(3A) or any other provision dealing in VAT on property you should consult a practitioner with expert knowledge".

I would consider myself an "expert" on most aspects of VAT so just really looking for reference points, the best way to go might be to talk to a tax consultant though.

sled driver

ssbob wrote: »

I would consider myself an "expert" on most aspects of VAT so just really looking for reference points, the best way to go might be to talk to a tax consultant though.

Sorry, but I'm baffled :eek:

Surely a self confessed "expert on most aspects of VAT" at least knows where to go looking for information on VAT on property??

I'm not questioning your assertion that you are an expert in most aspects of VAT, but if you have to seek answers from random posters on a virtually anonymous internet forum on where to find information on such a complex area of taxation, then I really have to question your ability to provide the correct advice to your client.

For your own sake, and more importantly, that of your client, seek expert advice.

ssbob

sled driver wrote: »

Sorry, but I'm baffled :eek:

Surely a self confessed "expert on most aspects of VAT" at least knows where to go looking for information on VAT on property??

I'm not questioning your assertion that you are an expert in most aspects of VAT, but if you have to seek answers from random posters on a virtually anonymous internet forum on where to find information on such a complex area of taxation, then I really have to question your ability to provide the correct advice to your client.

For your own sake, and more importantly, that of your client, seek expert advice.

I have searched my usual channels but just wanted to make sure that I wasn't missing anything, the tax institute book mentioned above is something I will buy anyway but as you say I will speak to a tax consultant.

Thanks for your help and advice.

Mr. Incognito

This thread is a can of worms and will be closed.

You will not find this resource in a book.

An area like this where a individual is letting a warehouse to a connected company is more than just a VAT Issue.

Have you considered CAT on any gift from open market rent as persons are connected?

The charge to VAT that cancels exemptions between connected persons.

Seek competent professional advice. This is not a DIY job by someone with a general overview of tax, this is an arrangement that will have consequences for Stamp duty, CGT, VAT and Income tax.

Thread closed.