EU member states have been given the green light to cut VAT on repair and maintenance bills for historic buildings, and Knight Frank is urging the UK Government to act on the move to benefit thousands of British property owners.
Repairs on historic buildings are regulated and can be very expensive, and this tax cut could help home owners who own such properties enormously; in addition the move would also help the construction industry which has been badly hit by loss of business in the economic downturn says the UK agent.
Andy Waller, head of building consultancy at Knight Frank said: ‘Repairing historic buildings is notoriously expensive and bills can run to hundreds of thousands of pounds. Cutting the rate of VAT by 10% will therefore make a big difference. Our clients and all owners of listed houses would also be pleased that their, mostly unheralded, efforts to keep our architectural heritage in order will be assisted and acknowledged in this small way.’
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