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Do you have to pay VAT on a house?

dwayneburke · 2005-04-28 01:03:31

maybe an obvious question but if a house is €315000 (stamp duty aside etc) do you have to pay VAT on top that?? Just to clarify in my mind

28-04-2005 1:03am

#1

dwayneburke

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maybe an obvious question but if a house is €315000 (stamp duty aside etc) do you have to pay VAT on top that??

Just to clarify in my mind

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Comments

#2 28-04-2005 7:02am

MorningStar

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No you don't pay tax on top.

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#3 28-04-2005 7:23am

Borzoi

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MorningStar wrote:

No you don't pay tax on top.

VAT is payable on new houses, but the amount is in the sales price, before the advertise it. ie of your €315K purchase price, €37K is VAT (13.5% reduced rate)

There is no VAT on second hand properties

If you engage a contractor to build you a new house, they will typically quote you a price +VAT, so in that case you would have to allow the extra 13.5% on top of the builders fee.

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#4 28-04-2005 6:12pm

Victor

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More correctly, VAT is payable on improved properties. If for example you buy an existing house, renovate it and extend it substantially and then sell it, there may be a situation where the buyer pays VAT instead of stamp duty.

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