VAT cut plans for housing repairs

Posted: 08 Apr 2015 16:49:34 GMT

            Property News - VAT cut plans for housing repairs

A reduction in VAT for housing repairs and renovations has been proposed by the Green Party.

The Green Party has announced a new pledge as part of its manifesto ahead of the upcoming general election to cut VAT on all housing repairs and renovations in the UK.

At present, VAT stands at 20 per cent for work and materials associated with UK property renovation, but the Greens have now backed proposals put forward by the Federation of Master Builders (FMB) to reduce this figure to five per cent should they perform well at the polls.

According to the FMB's research on this issue, a cut in VAT could deliver a widespread boost to the UK economy through a greater incentive to have such work carried out - it would also result in a far greater likelihood of older properties being brought up to the best environmental standards.

Responding to the announcement, FMB chief executive Brian Berry commented: "The Green Party is the latest political party to commit to a VAT reduction on housing renovation and repair and we are delighted they see the enormous value of this policy."

Sky - Unlimted Broadband & TV
BT Broadband - Plus FREE BT Sports
Virgin Media - Superfast Broadband & TV
Gas & Electricty - Save up to £533
Mortgages - Find the cheapest
Home Insurance - Compare 70 providers
Free Credit Check - Check your credit file
Conveyancing - Fast Free quote
Tax Saving Guides - Tips to save Tax