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ARTICLE · 25 OCTOBER 2012

Rural Update - Autumn 2012

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Building materials and construction services supplied in connection with approved alterations to listed buildings, which previously qualified for zero rate VAT, will now be subject to VAT at the standard rate.

United KingdomReal Estate and Construction
Anne Davies
Anne Davies
Claire Harris
Claire Harris
Bertie Hoskyns-Abrahall
Bertie Hoskyns-Abrahall
Patricia Milner
Patricia Milner
Ruth Morris
Ruth Morris
Matthew Woods
Matthew Woods
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News in brief

  • Building materials and construction services supplied in connection with approved alterations to listed buildings, which previously qualified for zero rate VAT, will now be subject to VAT at the standard rate. The measure was announced in the 2012 Budget and will have effect on supplies made on or after 1 October 2012, but transitional arrangements are already in force. The change will bring the taxation of approved alterations to listed buildings in line with repairs and improvements which are already subject to VAT at the standard rates.
  • As a result of the March Budget, the purchase of residential properties valued at over £2million is subject to SDLT at a rate of 7% for individual purchasers and 15% for corporate purchasers. It is also proposed that, from April 2013, a so-called annual 'mansion' tax will be charged on residential properties held within a corporate structure, at a set tariff, depending on the value of the property. Some good news

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