hi everyone, my family and friends and I got together, and paid a deposit to NAMA in an auction for 6 houses! We did everything right (or so we thought) we spoke to our solicitor, our accountant and the estate agent acting for NAMA and they all assured us there would be no claw back on tax or anything!
The houses were originally built as holiday homes alongside a hotel! The hotel is closed now and the majority of the houses are now in NAMA there is certainly no business there now! As the houses were originally intended to be as part of a business it turns out there were special conditions outside of the original contract! The solicitor has had the contracts a number of weeks and this has only come to light now! We are now liable for 13.5% VAT on the purchase price of the house.
I guess what I'm asking is, is there a) anyway around this VAT malarkey or b) anyway to get the deposit back?
The houses were originally built as holiday homes alongside a hotel! The hotel is closed now and the majority of the houses are now in NAMA there is certainly no business there now! As the houses were originally intended to be as part of a business it turns out there were special conditions outside of the original contract! The solicitor has had the contracts a number of weeks and this has only come to light now! We are now liable for 13.5% VAT on the purchase price of the house.
I guess what I'm asking is, is there a) anyway around this VAT malarkey or b) anyway to get the deposit back?