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Listed Building alterations hit by VAT bill

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Although most of us listened eagerly to the Budget to hear about the increasing cost of fuel and food, those involved in property will have been surprised to discover a proposed tax rise for approved alterations on listed buildings.

In an unexpected move by the Chancellor, the 20% VAT rate will soon be applicable to any approved alterations that are carried out on protected buildings – many of which are churches and property owned by charities – and irrespective of whether they are owned privately or corporately.

There is currently zero VAT charged on alterations made to such buildings and this rate will remain until 1st October 2012, when the new 20% rate will take effect.

If you are unsure whether this may affect you, or what you might be able to do about it, contact our Property Team today.

ENDS

This is for information purposes only and is no substitute for, and should not be interpreted as, legal advice.  All content was correct at the time of publishing and we cannot be held responsible for any changes that may invalidate this article.