With the introduction of VAT on listed buildings on 1 October 2012 fast approaching, many owners are frantically trying to complete alteration and restoration work to their listed properties to save thousands of pounds and secure the property_’s future for generations to come.
On 1 October 2012, the government is lifting the exemption on VAT to listed buildings, which it terms an ‘anomaly’, and imposing VAT at 20 per cent to all alterations and restorations in a move which will cost owners of listed buildings thousands of pounds just to ensure their property does not fall into disrepair.
Preservation of a listed building involves dedication in time and money due to the more expensive methods and materials required to maintain them. RICS, along with much of the property industry, fears that the extra 20 per cent levied against owners of these buildings will mean these essential works will no longer be financially viable.
As a result many owners of listed properties are rushing to complete works and ensure the survival of the building and Britain’s heritage.
Maryann Richmond-Coggan is rushing to complete the restoration works to a listed barn, she said:
“By completing ahead of the deadline we will save around