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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