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VRT omsp half of market value

  • 23-11-2018 7:01pm
    #1
    thadg
    Registered Users, Registered Users 2 Posts: 269 ✭✭


    Looking at vrting a car, the omsp on revenue site is half of the market value for the car. The vrt is currently at 36% of their value. The car sale invoice would be approximately 6500 euro more than what revenue value the car at, so by the time the vrt would be paid the car would be costing double there value.
    My question is do they ask for more vrt if they see you paid more for your car than what they have it valued for?


Comments

  • #2
    bazz26
    Registered Users, Registered Users 2 Posts: 51,297 ✭✭✭✭bazz26


    thadg wrote: »
    Looking at vrting a car, the omsp on revenue site is half of the market value for the car. The vrt is currently at 36% of their value. The car sale invoice would be approximately 6500 euro more than what revenue value the car at, so by the time the vrt would be paid the car would be costing double there value.
    My question is do they ask for more vrt if they see you paid more for your car than what they have it valued for?

    They don't care what you paid for the car in another country. They value the VRT on what they think it is worth here, if there is a query around the value of the car here then request a value from Revenue. Just make sure you are putting in the correct car details into the VRT calculator correctly to arrive at that figure.


  • #3
    thadg
    Registered Users, Registered Users 2 Posts: 269 ✭✭thadg


    bazz26 wrote: »
    They don't care what you paid for the car in another country. They value the VRT on what they think it is worth here, if there is a query around the value of the car here then request a value from Revenue. Just make sure you are putting in the correct car details into the VRT calculator correctly to arrive at that figure.

    Thank you. Yes I have made sure of that, and by the time I will have the vrt paid here the car will be costing in and around what they are making here 21k approx. but vrt omsp is at 10k. I just don’t want them looking for 36% of 20k when they see the sales invoice


  • #4
    mgbgt1978
    Registered Users, Registered Users 2 Posts: 4,246 ✭✭✭mgbgt1978


    You could just blank out the cost price with a Marker*. They only want to see a receipt to show what date the Car entered the State.


    *It doesn't matter what you paid for the car. some people purchase a car for way under it's value, some pay way over the odds. Not Revenue's concern.


  • #5
    colm_mcm
    Registered Users, Registered Users 2 Posts: 73,478 ✭✭✭✭colm_mcm


    Can you post some more details about the car, eg the stat code. Anomalies exist in the system so it’s entirely possible that you will be charged something completely different. Try changing it to a different trim level and see what they say it’s worth. If it’s double then you know somethings wrong.


  • #6
    thadg
    Registered Users, Registered Users 2 Posts: 269 ✭✭thadg


    colm_mcm wrote: »
    Can you post some more details about the car, eg the stat code. Anomalies exist in the system so it’s entirely possible that you will be charged something completely different. Try changing it to a different trim level and see what they say it’s worth. If it’s double then you know somethings wrong.

    I don’t want to put up the model on here for obvious reasons but I can pm you. There is no higher spec for this car. It has its own model in the drop down menu and you state the mileage and gearbox. That’s it


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  • #7
    kirving
    Registered Users, Registered Users 2 Posts: 6,061 ✭✭✭kirving


    But when you go to VRT it, and it doesn't seem right, can they reassess if it appears obviously wrong?

    My opinion on it would be the car is relativly expensive to run and has a niche market over here (based on the 36% VRT). Based off this, revenue put it in a (otherwise correct) high depreciation bracket.

    But the sellers here are trying to protect their investment, so advertise high.

    Can you PM me the car, I'd be interested to know. Thanks!


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