Value Added Tax Consolidation Act 2010 section 98

Valuation of an interest in immovable goods

Section 98 sets out the rules for the valuation of an interest in immovable goods for VAT purposes, including Revenue's power to authorise inspections and obtain independent valuations.

• "Interest" in immovable goods is construed in accordance with the old property rules in section 93(1), and "open market value" has the meaning given by section 36.
• Revenue may authorise a person to inspect immovable goods and report on the open market value of an interest in those goods.
• A person having custody or possession of the goods must permit the authorised person to inspect the property at such reasonable times as Revenue considers necessary.
• Where Revenue requires a valuation to be carried out by a person they have named, Revenue will pay the costs of that valuation.