- The Finance Bill 2025 introduces a 9% VAT rate for the supply of apartments and food hospitality, effective from 8 October 2025 to 31 December 2030.
- The Bill ends the VAT waiver of exemption regime for property lettings, automatically cancelling all remaining waivers upon the passing of the Finance Act, with no cancellation payment required.
- Following a High Court judgment, Revenue will no longer collect cancellation payments for waivers cancelled after 20 December 2024.
- Lettings previously subject to VAT due to a waiver will become VAT exempt unless the landlord has opted to tax under post-1 July 2008 rules.
- The changes may affect landlords’ VAT recovery positions, especially for residential lettings and connected tenants with low VAT recovery entitlement.
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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