Michael McGrath
Ceist:174. Deputy Michael McGrath asked the Minister for Finance if he will respond to a matter raised in correspondence (details supplied) and his plans to introduce legislation concerning this. [15999/16]
Amharc ar fhreagraTuesday, 14 June 2016
Ceisteanna (174)
Freagraí scríofa
The legislative provisions for the charging of VAT and the entitlement to deduct VAT in respect of property transactions are provided for in the VAT Consolidation Act 2010 as amended.
These provisions are completely independent of any Income Tax or Corporation Tax reliefs provided for in the Taxes Consolidation Act 1997 as amended, including those reliefs relating to accelerated capital allowances for the construction of property in a "qualifying resort area".
The information provided by Deputy McGrath is not sufficient to enable me to comment on the application of VAT in this specific situation. I am further advised that the person referred to in this correspondence should contact his local Revenue office directly and they will provide an analysis of the VAT implications of the property transactions.