Temporary letting and subsequent sale of dwellings by property developers
As from 10 January 2012, property developers who let residential property prior to sale were granted temporary relief from the VAT claw back that would normally arise by way of a change of use adjustment. The relief applied for a maximum of 36 months per unit if the developer was unable to sell the property due to lack of demand. If the rental period exceeded 36 months, the deemed change of use applied, based on the market value of the property on that date. This concession ceased to apply from 1 January 2018.