VAT Increase

As most of us are aware on the first of July this year IVA ( VAT ) will increase. The general rate of 16% will increase by 2% to 18%. The 7% rate will rise to 8% so anyone buying a new property will now have to pay 1% extra for their purchase from 1st July onwards.The IVA ( VAT ) charged on rental and leasing will rise from the current 16% to the new rate of 18% for payments due from the 1st July 2010.