Vat on NAMA residential property

[hammer]

If I am NAMA`d and have property worth €5 million

If the associated mortgage loans are €10 million

NAMA sell the property for €4 million - Net €3,524,229

Vat of 475,771 goes to exchequer.

Poor old developers gets chased for €10,000,000 less €3,524,229

NO CHANCE

[odie1kanobe]

There is no VAT on residential property.

[hammer]

Oh yes there is. 13.5%. New houses.

[odie1kanobe]

Oh yes there is. 13.5%. New houses.

Built and registered they are pre owned.

[johnfás]

Correct, the supply of a freehold interest in new properties dealt in the course of economic activity does attract VAT. New means the first supply of a completed property within five years of its completion. How it applies to NAMA depends on a case by case basis.

[hammer]

Builders have reclaimed Vat on all its inputs into the property. The Revenue get their money back when house / apartment sold.

[Furze]

Came across a situation that a property advertised for sale had no BER cert and would had to be treated as a commercial prop liable to VAT. ?

[Digout]

Builders have reclaimed Vat on all its inputs into the property. The Revenue get their money back when house / apartment sold.

Maybe Donie never did it that way.

[odie1kanobe]

Maybe Donie never did it that way.

Digout do you have a sexual obsession with Donie as you seem to want to bring him into everything.