98. Valuation of an interest in immovable goods

Summary

This section sets out the rules for the valuation of an interest in immovable goods.

Details

(1) Subsection (1) defines “interest”, “open market price” and “unencumbered rent” for the purposes of the section.

• “interest” is construed in accordance with the “old” property rules in section 93(1).
• “open market value” has the meaning assigned to it in section 36.
• “unencumbered rent” means rent with no restrictive conditions.

(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 2020