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VAT implications of new planning opportunities for barn conversions
KEY POINTS
- Planning rules for redundant barns will change from 6 April 2014.
- Developments could affect value of retained property.
- The VAT on Property flowchart tracks alternative scenarios and VAT implications.
- The definition of a dwelling will be important.
- Consider the effect of any future rental income on existing or required VAT registration.
The rules relating to planning permission for redundant barns are set to change from 6 April 2014. This could lead to opportunities for landowners to increase income through renting or selling barns converted into houses or by providing accommodation to family members.
However any potential increase in property values should be weighed against a potential decrease in the value of existing dwellings so specialist advice may be required.
New rules for existing buildings
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