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VAT on new property that is actually not new

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  • 07-12-2017 5:38pm
    #1
    mm007
    Closed Accounts Posts: 17 ✭


    A quick question folks.

    If I built a property back in 2005 but I'm only selling it now (for the first time) should I charge VAT on this sale?


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    #2
    Marcusm
    Registered Users Posts: 10,328 ✭✭✭✭Marcusm


    Did you recover the VAT on the construction? If not, why on earth would you want to charge VAT on the sale - a buyer will pay no more but you will have to share it with Revenue.


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    #3
    mm007
    Closed Accounts Posts: 17 ✭mm007


    don't want to

    if the buyer expects VAT part so that her stamp duty is based on PRICE minus VAT


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    #4
    Victor
    Registered Users Posts: 78,414 ✭✭✭✭Victor


    You need to get professional advice on this - a solicitor who does this type of conveyancing or an accountant familiar with the property rules.

    Most property transactions attract stamp duty. Transactions for improved property (e.g. new
    buildings, improved farmland) attract VAT.


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    #5
    davindub
    Registered Users Posts: 1,447 ✭✭✭davindub


    mm007 wrote: »
    A quick question folks.

    If I built a property back in 2005 but I'm only selling it now (for the first time) should I charge VAT on this sale?

    Are you an accountable person? Run it by whoever does your vat returns.


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    #6
    VonBeanie
    Registered Users Posts: 101 ✭✭VonBeanie


    AFAIK, if the property was completed more than 5 years ago, its not a new property and is VAT exempt.

    Check with your solicitor


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