Folks,
Yours Sincerely, etc etc
- Building cost including VAT at 12.5% = £73,950
- Building cost excluding VAT = £65,734
- Land cost = £15,000
- Total cost of house on which stamp duty is payable = £80,734
- Total cost of house on which stamp duty is payable (euros) = €102,511
- Stamp Duty payable = €102,511@3% = €3075
Is there any VAT on the house if you buy it second hand?
Cheers
There is also VAT on the Site. VAT applies to the full transaction. Therefore the stamp duty paid on the vat element of the site should not have been paid over - this amounted to €571 stamp duty. It needs to be looked at again. I have had this same argumenet with the stamp duty office in relation to the purchase of a house by a client for €144,000. I argued that this was below the threshold of €127,000 and was exempt. The Revenue said you knock the vat of the building cost and then add the value (gross) of the site. I pointed out that the builder also paid over Vat on the sale of the site. Our client was refunded the full amount of the VAT paid. Get an invoice of the developer and you will see that there was also vat charged to you on the site cost.
Vat on the site would have been at 13.5%. This would amount to €2,265. Stamp duty xtra paid of €68. Not worth bothering with to correct it, however the revenue should have pointed this out to you.
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