- Revenue issued updated guidance on VAT waivers of exemption for property lettings under 10 years.
- From 20 December 2024, Revenue will not collect a waiver cancellation amount when a waiver is cancelled.
- This change follows a High Court judgment in the Killarney Consortium case, which found the waiver cancellation provisions incompatible with EU VAT law.
- The guidance does not clarify if taxpayers who paid a cancellation sum before 20 December 2024 can reclaim it as overpaid tax.
- Waivers allowed landlords to recover VAT on short-term property lettings before 1 July 2008.
- Cancellation of waivers required repayment of excess VAT reclaimed over VAT paid.
- New waivers could not be exercised after 1 July 2008, but existing ones continued to apply.
- The Killarney Consortium case challenged the compatibility of waiver cancellation rules with EU VAT law.
Source: kpmg.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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