Hi All,
Tried searching for this but my search isn't working today?
Just want to try work out the following as am looking to buy trade up shortly. Some properties in mind are new build houses which are over the 125sqm limit. So I was trying to work out how the calculation is done.
I found the following on the revenue.ie
"New houses or apartments with a floor area greater than 125 square metres, which are purchased by an owner occupier are charged with duty on either the site value (excluding VAT) or one quarter of the total cost of the house and site (excluding VAT), whichever is the greater figure."
First question the above poses is; What is the rate of VAT on new builds? Saw 13.5% on a website but couldn't find any hard facts? I will use 13.5% in below example. PLease correct me if I'm wrong.
So if I wanted to buy a property that cost 600k and was 140 sqm. Is the following the correct calculation
cost: 600k
Cost ex VAT: 519K
x 1/4: 129.75k
x 7%: 9.082k
Is this correct? About 9k SD for a new build that costs 600k & exceeds 125sqm.
Tried searching for this but my search isn't working today?
Just want to try work out the following as am looking to buy trade up shortly. Some properties in mind are new build houses which are over the 125sqm limit. So I was trying to work out how the calculation is done.
I found the following on the revenue.ie
"New houses or apartments with a floor area greater than 125 square metres, which are purchased by an owner occupier are charged with duty on either the site value (excluding VAT) or one quarter of the total cost of the house and site (excluding VAT), whichever is the greater figure."
First question the above poses is; What is the rate of VAT on new builds? Saw 13.5% on a website but couldn't find any hard facts? I will use 13.5% in below example. PLease correct me if I'm wrong.
So if I wanted to buy a property that cost 600k and was 140 sqm. Is the following the correct calculation
cost: 600k
Cost ex VAT: 519K
x 1/4: 129.75k
x 7%: 9.082k
Is this correct? About 9k SD for a new build that costs 600k & exceeds 125sqm.