daz b

I know you can claim the vat back on new built houses,but what is the position on old/empty (5-10 years)houses.
Cheers Dazz

daz b

help

mattstant

this is a very strict rule new housing is zero vat rated any renovation on an existing building is the full whack of 17.5% i,m afraid
This is why builders prefer to start from scratch where possible and why old buildings tend to sit untouched for years till the market allows for the costs to be recovered

By the way I am not from the vat office i,m a property developer

daz b

Cheers 4 the help
Dazz

stu200

iTrader: (1)

Daz,

Work involved in creating a 'new dwelling' through the conversion of an existing building is largely free of VAT. VAT registered builders must charge the reduced rate of 5% on the supply of labour and materials which you can later reclaim on completion of the project via your local Customs & Excise office.

Renovation projects are not considered to be 'new dwellings' and are therefore fully rated for VAT unless the property has been empty for 3 years, or more, in which case a reduced rate of 5% is applied.

Properties abandoned for 10 years or more are treated as conversions and thus largely free of VAT.

Cheers, Stu

daz b

Stu thanks 4 the help i thought there was a vat reduction
Do you have any links where i can get more info
Dazz

Newbie123

try this

www.hmce.gov.uk/forms/notices/info0302.htm

[Edited by Newbie123 - 10/23/2002 11:47:00 PM]

daz b

thanks 123 that was spot on !!

mattstant

thanks 123 very useful link there had no idea these changes were coming into force
means i will look more favourably on any renovation projects in the future

MarkO

Yeah, me too. We're seriously considering self-build or a conversion/renovation in the next 6 months - saving the VAT on the materials will make a substantial difference.

stevenuk300

I've just bought a new house (Still being built) and am having a conservatory built at the same time. How do I go about claiming the VAT back on that?

Cheers
Steven