LegalizeS.I. No. 482/1998 - Value-Added Tax (Valuation of Interests in Immovable Goods) (Amendment) Regulations, 1998
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1 amending act · 2006-10-26, S.I. No. 548/2006 - Value-Added Tax Regulations 2006
S.I. No. 482 of 1998.
VALUE-ADDED TAX (VALUATION OF INTERESTS IN IMMOVABLE GOODS) (AMENDMENT) REGULATIONS, 1998
The Revenue Commissioners, in exercise of the powers conferred on them by section 32 of the Value-Added Tax Act, 1972 (No. 22 of 1972), hereby make the following Regulations:
1.
These Regulations may be cited as the Value-Added Tax (Valuation of Interests in Immovable Goods) (Amendment) Regulations, 1998.
2.
In these Regulations "unencumbered rent" has the meaning assigned to it by subsection (10) (as amended by section 102 of the Finance Act, 1997 (No. 22 of 1997)) of section 10 of the Value-Added Tax Act, 1972 (No. 22 of 1972).
3.
Regulation 19 of the Value-Added Tax Regulations, 1979 ( S.I. No. 63 of 1979 ), is hereby amended—
- (a) by the addition of the following proviso to paragraph (1):
"Provided that the provisions of this paragraph shall not apply where the rent payable in respect of the interest so created is less than the unencumbered rent in respect of that interest.",
and
- (b) in paragraph (2) by the substitution of the following subparagraph for subparagraph (b):
- "(b) if under the terms of the disposition, the interest disposed of is for a period of twenty years or more, or is deemed to be for a period of twenty years or more, the value of the reversionary interest shall be disregarded.".
GIVEN this 11th day of December, 1998.
Josephine Feehily
Revenue Commissioner
EXPLANATORY NOTE
These Regulations amend Regulation 19 of the Value-Added Tax Regulations, 1979 to provide that where the rent payable in respect of an interest in immovable goods is less than the unencumbered rent, the provisions of Regulation 19 (1) do not apply. They also confirm that where an interest is created for twenty years or more, in all cases, the value of the reversionary interest is disregarded.
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