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VAT on new build

  • 20-06-2007 12:31pm
    #1
    JosephQ
    Closed Accounts Posts: 39 ✭


    Could anyone please tell me if you can claim VAT back on a new build which is going to be your residental home as you can here in the UK. Also if you can, can you also claim it back from importing material ect.


Comments

  • #2
    secman
    Registered Users, Registered Users 2 Posts: 6,482 ✭✭✭secman


    Came across a scheme advocating this years ago , flip side is that on a subsequent sale, VAT would have to be accounted for on the disposal @ 13.5%. Say for arguement sake :

    Site cost 100k
    Build cost 200k of which VAT content is approx 35K

    Present value sale price 500k vat content included @13.5% would be over 59k

    in 10yrs if it was 900k vat would be 107k !

    question is : Is it worth it in the long run ?


  • #3
    muffler
    Registered Users, Registered Users 2 Posts: 46,429 ✭✭✭✭muffler


    Not the right place here for the query. I'll move it to accommodation & property.


  • #4
    Migser
    Closed Accounts Posts: 9 ✭Migser


    You can't claim back VAT on your residential home


  • #5
    Victor
    Registered Users, Registered Users 2 Posts: 78,537 ✭✭✭✭Victor


    JosephQ wrote:
    Could anyone please tell me if you can claim VAT back on a new build which is going to be your residental home as you can here in the UK. Also if you can, can you also claim it back from importing material ect.
    You might be able to get it back if it was a commercial investment, but not your own residence. You can only reclaim Irish VAT from the Revenue Commissioners - if paying VAT elsewhere you need to register to reclaim there.


  • #6
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    However, if you buy a new house which is liable to stamp duty, you don't have to pay stamp duty on the vat portion of the sale (don't know how this applies to new builds).


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  • #7
    JosephQ
    Closed Accounts Posts: 39 ✭JosephQ


    Thanks for the info everybody. Here in Scotland if you are a self builder you can claim the Vat back on the build and if you keep the house for 5 years you do not have to repay the vat and it is not carried on to the new sale


  • #8
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    JosephQ wrote:
    Thanks for the info everybody. Here in Scotland if you are a self builder you can claim the Vat back on the build and if you keep the house for 5 years you do not have to repay the vat and it is not carried on to the new sale

    In Ireland you can do this if the premises you are constructing is for commercial purposes. You cannot do this if its intended to use the premises for residential purposes.


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