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Capital Goods Scheme

  • 22-02-2020 5:22pm
    #1
    JansheerKahn
    Registered Users Posts: 44 ✭


    Does the Capital Goods Scheme apply to both property acquired as stock in trade and property bought to earn a rental yield.
    For example, Company A buys a run down property to develop and sell for profit as part of its regular trade. Company B buys a run down property to develop and hold for rental income.
    Does the Capital Goods Scheme apply in both cases (assuming VAT charged on the purchase of both properties).


Comments

  • #2
    user.name
    Registered Users, Registered Users 2 Posts: 283 ✭✭user.name


    Yes, once the property is new for VAT purposes and you reclaim VAT CGS will apply. Clawback will not apply if you charge VAT on the sale of the property, you will be deemed in that case to use the property for fully VAT deductible purposes for the remaining intervals. You can also receive an input credit for any VAT previously disallowed from the original purchase.


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