in this short video I want to take a look and back on poverty in urban it's
gonna be an overview and it's just going to give you the essentials but not on
property is something that you could easily overlooked especially if you are
buying commercial premises it's less likely to raise in relation to
residential on the time or certainly tanneries and will arise in relation to
a commercial well let's take a look and see generally then in property
transactions obviously you've got two broad categories one is commercial woman
size of a secondhand residential property transactions are generally
exempt from that for the first supply of new residential property is labeled or
not also a residential property or a secondhand residential property that may
give rise to a taxation of that situation would be if you're buying an
apartment for example from a developer who had originally constructed the
property and had came back back back in the construction in that situation you
need to be very careful about the tax treatment of the transaction because if
the developer builder decides to attacks the transaction you can do so just tax
advantages and disadvantages one way or the other what you need to be careful as
to whether you're buying the property including or x2d partner obviously you
want particular circumstances as to whether you're registered robot or not
is a factor as well but something you need to be careful of even in relation
to secondhand residential property Revenue Commissioners website have a
very good page for VAT on property transactions and I will warn you that
bat and property can be a complex area obviously buying a property is an
investment it's an expensive investment capital intensive investment you do need
to get legal advice would you need to get taxation advice of absolute level
generally deliberation the commercial commercial property new building that is
charged with a 13 and a half percent on the new building and the new building is
defined as force if I have a completed property within five years of completion
or the second and subsequent supply of a property if the supply is made within
five years of completion and the building has been occupied for less than
two years this is where it gets a little bit me a bit complicated
you do need Vice work me oddly the best if you take from this video is the need
to get taxation advice in applying commercial property or just any issue of
all clashes in any profits and Russia commercial property and secondhand
buildings properties developed after the 1st of July 2008 are exempt to the
vendor and purchaser can jointly off the tax and this mail call if it suits both
parties and if both parties are registered in fact it may well certain
to jointly operative attacks this option is not exercised
then the vendor developer will face a call back of a proportion of the VAT
which is a ready team from revenue on the acquisition or redevelopment of the
proxy this callback will be calculated from the park light of the property this
is the situation that I described to you at the beginning of this video where the
developer might build property he will claim that all the inputs and after a
number of years may then be selling either
warden or towards the and Panna cottas if that's the case that he places in
Sabha in respective apathy we claimed at the outset unless he joined the office
to tax the transaction that's where it just complicated predicates complex and
for the party sir he needs to be very aware of the
possibility of that arising and he needs to be clear as to the potential ability
and he needs to be clear as to whether he could be racist registered for that
or no leasehold property after the fourth of July 2008 all lettings are
exempt from class the landlord again however can elect to
tax and charge back on the red defending of a sudden he does not offer to tax it
visits all by based on the fact he's already saved on the open and or
acquisition of the property again this is why you should get taxation advice
before it means release because the landlord may opt in the house to opt for
commercial reasons to charge but it won't make any difference to you
provided through register provider if you're not ready to talk about it we
make it ring different if you are registered for about clearly you can
reach him the fast on the on the wrench assignment of lease for commercial
design and the surrender the assignment of surrender of a long lease will be
charged with the bath if the tenant was the assignors wasn't tighten completely
in fact on craigory gentiles are the development of the property again the
jets a bit come fix my name is terry i am a solicitor and in the hope you find
this video useful if nothing else flag up the possibility that there may be a
complex difficult that situation to consider when you're selling property
especially a commercial company 20 see you soon if you do we might give a
thumbs up tell me though