VAT - Waiver of Exemption
Revenue have published eBrief No. 20/2007 which provides practical advice and examples on the changes in Finance Act 2007 in relation to the discontinuance of the ability to waive the exemption on short term residential lettings.
With effect from 2 April (the date of the passing of the Finance Act), a person will not be entitled to waive his/her exemption from VAT in respect of residential property, and where existing waivers are already in place they will not extend to residential property acquired or developed on or after that date. Short term lettings of commercial property are not affected.
The eBrief provides four specific practical examples. eBrief No. 20/2007 is reproduced at Section 2.07.