VAT on Completion %?

Nunu1


Joined: 31/03/2008
Posts: 536

Message Posted:
20/07/2009 14:40

Hi Folks, Can somebody please confirm the current VAT rate percent payable on completion handover of property? I believe it to be 5% of sale price of property?



Thank you



nunu1

nurseawful



Joined: 06/02/2009
Posts: 5934

Message Posted:
20/07/2009 15:19

We paid 6% in March of this year.

tonykyte


Joined: 19/04/2008
Posts: 270

Message Posted:
20/07/2009 16:11

Check naomi mehmet's web site, from memory I think you get a off opportunity to pay 50% of the vat charge, so as long as you are not going to purchase a more expensive property later, then it sounds good.



http://www.nmplegal.com

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
20/07/2009 19:24

Yes. the 5% is due on completion

andy-f


Joined: 03/05/2009
Posts: 1256

Message Posted:
20/07/2009 20:02

its 5% . we have just paid our final invoice , in the break down was 5% KDV ( IT STATED BY LAW) .we have received confirmation from our developer that payment as been received and a "fertura" for the KDV will be handed to our solicitors

newlad



Joined: 02/03/2008
Posts: 7819

Message Posted:
20/07/2009 21:42

We have also paid our KDV AT 5%

KatyMcM


Joined: 12/07/2009
Posts: 46

Message Posted:
21/07/2009 00:14

is the KDV due when the property is handed over or when the title deeds are completed and handed over.

Stewart


Joined: 19/07/2008
Posts: 1107

Message Posted:
21/07/2009 00:22

Hi...it used to be when the deeds were handed over, but since Jan, it is due on completion / handover

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
21/07/2009 08:47

msgs. 2 & 3



6 % is the transfer duty payable at the Tapu and you have an option of 3 % for once in a lifetime. So unless you are planning to buy a more expensive property later on, you opt for 3 %.

ismet