Navigating VAT in Property Transactions in the ROI

Introduction

This new virtual classroom seminar covers essential VAT topics including an introduction to VAT in property, VAT basics for property transactions, VAT implications on the sale of property, leasing, and development.

Expert speaker Mairead Hennessy will explain key concepts including taxable vs. exempt supplies, VAT rates, exemptions for residential and commercial properties, and transitional rules since July 2008.

This session will use case studies to illustrate practical scenarios making it ideal for accountants, tax advisors, solicitors and financial planners.

What You Will Learn

This live and interactive session will cover the following:

• Brief Overview of VAT & Property
• Key concepts: taxable vs. exempt supplies, immovable property, and VAT registration
• Importance of understanding VAT implications in property deals
• VAT Basics for Property Transactions
• What constitutes ‘property’ for VAT purposes
• VAT rates applicable to property transactions (e.g., 13.5%, 23%)
• Key exemptions:
• VAT exemption for residential property
• Waiver of exemption for commercial property still applicable for existing waivers
• Connect parties with limited VAT recovery
• Emergency accommodation
• Option to tax
• VAT on Sale of Property
• New rules since 1 July 2008, transitional rules
• VAT treatment of new vs. old properties
• Sale of residential vs. commercial property:
• VAT exempt vs. taxable supplies
• Transfer of Business (TOB) relief:
• Conditions for TOB to apply
• Capital Goods Scheme (CGS):
• Adjustments required on sale of property
• VAT on Leasing & Letting
• VAT treatment of leases:
• Residential leases (VAT exempt)
• Commercial leases (option to tax)
• Waiver of exemption for commercial leases:
• Conditions and implications
• Legacy Leases subject to VAT when created may still have VAT implications
• Tenant development works and VAT implications:
• Major works exceeding 25% of the property value
• VAT & Development of Property
• Definitions of development, refurbishments, dilapidations
• VAT recovery on development costs
• Pre-contract VAT enquiries (PCVEs):
• Importance of obtaining VAT history of the property
• Case Studies
• Sale of a commercial property with CGS adjustments
• VAT implications of a partially exempt mixed-use property
• Waiver of exemption for a commercial lease
• VAT recovery on development costs for a residential project

Recording of live sessions: Soon after the Learn Live session has taken place you will be able to go back and access the recording - should you wish to revisit the material discussed.