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When is VAT calculated?

  • 29-07-2015 6:20pm
    #1
    june2015
    Closed Accounts Posts: 63 ✭✭


    Hi,
    Just a quick question hopefully someone knows the answer. I'm in the middle of buying a new build house off the plans. Now the house I'm told won't be finished and ready for snagging until late October. In my contracts(which I haven't signed yet, it states that I am liable for the difference in any increase in VAT rate between the time contracts are signed and when house is completed and ready. And also any potential decrease in VAT will be deducted from the final price).

    My question is this. If VAT on building is reduced in the upcoming budget in october(which is a possibility I'm hearing), and my mortgage is only drawn down in say late October (after the budget), which vat rate will be payable? Will the final amount I'm paying be the amount calculated on the new vat rate? Or are the builders paying the vat at the current rate of 13.5% on materials as they build the house.

    Any replies appreciated.
    Thanks


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