VAT Increase for Listed Building Alterations
If you own or are developing a listed building, recent changes announced in the Budget will affect you whether the property is residential or commercial as the zero rating currently available for approved alterations to protected buildings (both residential and charitable buildings) will be removed with effect from 1 October 2012.
To avoid an additional 20% VAT charge you may need to take urgent action if you are carrying out work on such a property, intending to do so, or planning to sell a refurbished listed property.
To discuss this further, please contact a member of our Property Group on 01306 880110.
