Is it simply a matter of getting VAT registered and then applying to the Revenue for a VAT refund. Seeing as deposit interest rates are on the rise, would I be better off putting the refund into a savings account and getting the benefit rather that paying the VAT upfront?
From www.loweq.com
"GETTING VAT BACK WHEN BUYING NEW HOMES TO LET If you're fortunate enough to be in the position to be able to invest in a second property in this country or are considering it, then you'll be very interested in this method of easing your cashflow.
Buying new property for letting is an easier investment if you use VAT refunds available to investors - to the tune of almost 12pc of the purchase price. For example, on a new home costing €300,000, you would get €35,683 back from the Revenue directly to your bank account as a VAT refund. on top of this substantial sum, you also can claim about €2,500 depending on the sum, you also can claim about €2,500 depending on the amountspent by way of a 21pc VAT refund on your legal fees and fit-out costs.
Don't forget, however, that you must repay the VAT if you sell the property, if you hold on to it, the VAT is clawed back slowly by the taxman by treating the rent income you receive as including VAT - which is then passed back to Revenue at year's end."
From www.loweq.com
"GETTING VAT BACK WHEN BUYING NEW HOMES TO LET If you're fortunate enough to be in the position to be able to invest in a second property in this country or are considering it, then you'll be very interested in this method of easing your cashflow.
Buying new property for letting is an easier investment if you use VAT refunds available to investors - to the tune of almost 12pc of the purchase price. For example, on a new home costing €300,000, you would get €35,683 back from the Revenue directly to your bank account as a VAT refund. on top of this substantial sum, you also can claim about €2,500 depending on the sum, you also can claim about €2,500 depending on the amountspent by way of a 21pc VAT refund on your legal fees and fit-out costs.
Don't forget, however, that you must repay the VAT if you sell the property, if you hold on to it, the VAT is clawed back slowly by the taxman by treating the rent income you receive as including VAT - which is then passed back to Revenue at year's end."