New Build VAT rebate

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ludermor

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Hi,
I am building a house, i do not have any other property. Someone told me i will be entitled to a VAT rebate on construction costs becasue i am a first time buyer. Can someone confirm this and what is the actual rebate based on??
Any replies much appreciated
Ludermor
 
No refund I'm afraid. I know you can get the vat back on a new build in the North, but not here I'm afraid.
 
ludermor said:
Hi,
I am building a house, i do not have any other property. Someone told me i will be entitled to a VAT rebate on construction costs becasue i am a first time buyer. Can someone confirm this and what is the actual rebate based on??
Any replies much appreciated
Ludermor
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Where are you building? Depending where your house is you may qualify for Income Tax relief on the construction costs.
 
kkontour said:
Where are you building? Depending where your house is you may qualify for Income Tax relief on the construction costs.
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Presumably you mean something like Rural renewal or urban renewal or similar. These schemes are now closed unless you had been granted planning permission prior to end of December 2004.
 
ludermor said:
I am building In Mayo. Permission was granted in August 05
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Dont think there's any scheme in place then so, but check with your local planning office to confirm.
 
the only way you could get the vat back on a new build is if you were to let the property out. even then there are rules and regulations to follow.
 
willalex said:
the only way you could get the vat back on a new build is if you were to let the property out. even then there are rules and regulations to follow.
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If you do that you will need to charge vat on the rental income until such time as the vat charged is equal to the level of vat claimed, in which case you can de-register.

However if you have other rental properties then you would also need to charge vat on the rental income from them also as you cannot have one property with rental income subject to VAT and another that is not.
 
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