Whats the clawback on a sum 297k?

Sounds about right monkeyboy, assuming the 5% rate is correct. When was the house bought? Did you pay VAT on the house, new house?
 
Closed Oct 05. New house aye.

I was advised by Revenue that the rate was 3% over the phone once in this circumstance, however I can find no way since of verifyong this as much as I would like. Im sure they got it wrong at the time.

weighing up all sor of options at mo.
 
5% is the correct rate today. I think the same rate would have applied in 2005. Get independent, professional advice if you are unsure. Can you subtract VAT if you are a non VAT registered regular punter buyer?
 
You dont pay tax on tax....but thats a myth sure we are double paying every where .... and the rest!
 
Just to clarify a common missundertanding, Stamp duty is calculated on the VAT exclusive price paid for the house :)

So to calculate the clawback, where VAT was charged, you need to de VAT the price. i.e. €300,000/113.5 *100 equals €264,317
 
Also Monkeyboy, make sure that the % you are paying is the correct one. Often when VAT is subtracted it allows the property to fall into a lower bracket. For example the total paid for a property might fall into the 5% bracket but the VAT exclusive price may be 3% (as revenue stated). Good news for you if it does!
 
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