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VAT Relief on Listed Buildings to be Withdrawn
Mon 26 Mar 2012
The Chancellor of the Exchequer in his March 2012 budget has announced the withdrawal of VAT relief on alterations to listed buildings which will affect a significant number of owners of listed properties in the UK.
The VAT relief that currently applies to alterations to listed buildings is being withdrawn with effect from 1 October 2012. The Chancellor described the existing relief as an ‘anomaly’, which “gives a perverse incentive for change as opposed to repair”. He also considers that the majority of the work covered by the relief consists of “extension work which is not necessary for heritage”.
David Sawford from Robinson & Hall’s Building Surveying department commented: “The costs associated with making alterations or even simple extensions to listed properties is higher than the norm in great part due to Conservation Officers' requirements for traditional, more costly materials and techniques and the withdrawal of the relief is very disappointing."
For more information please contact David Sawford:
t: 01234 362909 or via e-mail: firstname.lastname@example.org