VAT & Listed Buildings
"Owners of Listed Buildings miss £250m in VAT relief" The Sunday Times.
If you are about to undergo a project on a listed property it is important to ensure you understand the VAT implications before you start the work.
If you would like any further advice please feel free to contact me.
Regards
Kelly
01795 844939
www.lpoc.co.uk
Kelly
It would be good to see what the implications are. It's our understanding that the rules on VAT reclaims for listed buildings are quite complicated - basically that Approved Alterations can be VAT-free but general repairs are not.
Is that your understanding, and do you have any other bits of advice?
Hi Jason,
Yes it can be quite complicated but we are able to help. It is important for owners to investigate and understand the VAT rules before they start the work.
There are also other savings which are for all buildings - not just listed, including:
Conversion of a non-residential building into a dwelling,
refurbishment of a property that has been empty for more than 2 or 10 years,
changing the number of self-contained residential units
and finally installing energy saving materials.
Obviously there are certain procedures and criteria that need to be met for these savings, but as a club we have a VAT advisor and also information sheets available for members to be able to understand and save the VAT wherever possible.
If you would like any other details, please feel free to contact me.
Kelly
I see in today's Sunday Times (14 Frebruary 2010)that Dave Brown, VAT consultant to the Listed Property Owners Club, is quoted as saying that "..Anything that needs repair [to a listed building] will be costed at 5%.."
Is this correct?
Regards
Malcolm Slinger
Hi Malcolm,
I also read the Sunday Times article too - and am keen to know the answer. Did you get a response as to whether the article was correct in stating repairs to listed buildings are VAT rated at 5%?
Thanks
Louise
Hi.
I'm the same Dave Brown who was MIS-QUOTED in the above mentioned Sunday Times article.
The lady who penned the article, whose name I refuse to credit, asked me specific questions about a particular scenario and I answered correctly. She took the answer to apply to repairs to ALL listed buildings, which is clearly incorrect. To say that I am incensed about it would be an understatement, and despite emailing the woman, I have had not had a reply, let alone anything resembling an apology.
So, to get back to the point, repairs to listed buildings are still at 17.5% VAT.
For completeness, the 5% VAT rate can apply to certain conversions, situations where a property has been empty for more than two years and a couple more besides. This is for listed and non-listed domestic properties.
Regards
Dave
Hi Malcolm
Thanks for taking the roulble to look again. You will have guessed I was not impressed by the author of the piece. If you have a few minutes to waste you could try googling the woman's name, and you might just find a bit of video of her on a TV programme - on which she demonstrates clearly how little concern she has for upsetting other people on this planet.
Me, bitter?







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