UK Money News
26th March 2008
FMB urges govt to cut building repair VAT
The Federation of Master Builders (FMB) has called for a reduction in tax payable of building repairs to encourage owners of empty buildings to return their homes to the market.
Under measures set to be introduced on April 1st, owners of unoccupied buildings will be liable to pay empty property rate at 100 per cent of its basic occupied business rate - an increase of 50 per cent.
The move is intended to encourage owners of the properties to sell or re-let them.
However, although broadly welcoming of this reform, Brian Berry, director of external affairs at the FMB, said that the number of unoccupied buildings could be cut further if VAT on building repair work was cut from 17.5 per cent to five per cent.
He said: "The 17.5 per cent rate of VAT is an unacceptable brake on the regeneration and re-use of vacant and under-used buildings.
"Bringing empty buildings back into beneficial use, in both town and country, is an essential part of sustainable development and improving people's quality of life."
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