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Renovation process
KEY POINTS
- Similar VAT reliefs apply to the conversion of commercial properties as for the construction of new residential dwellings.
- The availability of the zero rate can be a significant factor in the commercial viability of property conversions.
- The 5% reduced rate was aimed at encouraging the return of unused homes to the housing stock.
- Developers wishing to claim input VAT must ensure that contractors charge the 5% rate.
- Whether the VAT 1614D procedure is beneficial; it may not be.
I recently read the informative article ‘Home truths’ by Rob Durrant-Walker and Alex Millar (Taxation 18 May 2017) which considered the various tax issues that arise when selling land to a house builder. It was a useful reminder that we should never consider any one tax in isolation.
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