Revenue Note for Guidance
This section sets out the rules for the valuation of an interest in immovable goods.
(1) Subsection (1) defines “interest”, “open market price” and “unencumbered rent” for the purposes of the section.
(2)(a) Revenue has the authority to obtain independent valuations of property for VAT purposes and to authorise persons to inspect properties and report the value of those properties. Occupiers must allow authorised persons a right of entry at all reasonable times.
(2)(b) Revenue will pay the cost of the valuations.
Relevant Date: Finance Act 2019