Irish Taxation Institute: Educating, Developing and Representing

VAT on Property 2008

Since 1 July 2008, there are a totally new set of rules governing VAT on property.  The new VAT on Property regime represents one of the most significant changes to VAT law in the past 10 years.  The key aspects of the changes are as follows:

• The distinction between short and long leases is being abolished and all lettings under the new regime will be exempt unless an option to tax is in place.

• Connected party restrictions apply when opting to tax

• A Capital Goods Scheme has been introduced.  Properties will be attributed a 20 year life and if they are diverted to an exempt use during this life a Capital goods Scheme (CGS) adjustment will be made.

• Significant rules on retaining records for CGS purposes have been introduced

VAT on Property News

Revenue issue FAQ on new VAT on Property rules
Revenue's VAT on Property Guide
Revenue's Summary of New Rules and a Checklist for Practitioners
Finance Bill 2008
Finance Bill 2008 Explanatory Memorandum
Finance Bill 2008 List of Items
Press Release - Tánaiste and Minister for Finance, Brian Cowen T.D. announces Finance Bill 2008.
Speech by Tánaiste and Minister for Finance, Brian Cowen T.D. announcing Finance Bill 2008.
List of Proposed Committee Stage Amendments
List of Amendments to list of Proposed Committee Stage Amendments
Finance Bill 2008 as amended in the Select Committee on Finance and the Public Service
Report Stage Amendments 
  

Irish Taxation Institute – your source for taxation updates

The Irish Taxation Institute will provide you with a range of services to enhance your understanding of the new VAT legislation, effective since July 1, 2008.

Seminars and Conferences

ITI are hosting a range of seminars and workshops on the VAT on Property legislation. Held throughout the country, hear from experts on how these changes will affect your clients

VAT on Property Workshops
These workshops are tailored for Registered Tax Consultants, solicitors and accountants who occasionally advise clients on VAT on property issues. Our speakers will provide attendees with a thorough explanation of the key changes in VAT on property legislation, which came into effect on 1 July 2008. In addition, they will work through a series of both typical and challenging case-studies and suggested solutions which will allow delegates to probe and analyse how the new the legislation may affect your clients.

Thursday 11 September 2008 – Gresham Hotel, Dublin 1
Monday 15 September 2008 – Tower Hotel, Waterford
Thursday 18 September 2008 – Radisson Hotel, Sligo

Speakers: Frank Mitchell, Barrister & Vincent McCullagh, Deloitte.

VAT on Property 2008 Publication

The Irish Taxation Institute “VAT on Property” publication is due for release in May.  Completely re-written for 2008, "VAT on Property" looks in detail at these new rules and how they will apply to transactions in property. The book is designed to be a user friendly guide for practitioners, students, and people in business who find themselves advising on or involved in property transactions. 

Pre-order your copy here

Information on our all our publications are available here.