{"id":27254,"date":"2020-08-08T16:38:51","date_gmt":"2020-08-08T15:38:51","guid":{"rendered":"https:\/\/newsblogsnew.ihbc.org.uk\/?p=27254"},"modified":"2020-08-08T18:23:46","modified_gmt":"2020-08-08T17:23:46","slug":"government-rules-out-vat-reduction-on-domestic-work-could-cost-the-exchequer-6bn-annually","status":"publish","type":"post","link":"https:\/\/newsblogs.ihbc.org.uk\/?p=27254","title":{"rendered":"Government rules out VAT reduction on domestic work: \u00a0Could cost the exchequer \u00a36Bn annually"},"content":{"rendered":"

\"buildings\"In response to a question asked by Sarah Olney (Richmond Park), Financial secretary Jesse Norman ruled out VAT reduction on residential extensions and alterations in a written statement to the House of Commons, saying this reduction would cost the exchequer \u00a36Billion a year.<\/h3>\n

Parliamentary copyright images are reproduced with the permission of Parliament<\/h6>\n

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Parliament.UK writes:<\/p>\n

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Q\u00a0Asked by\u00a0Sarah Olney<\/a> (Richmond Park) Asked on: 13 July 2020<\/p>\n<\/div>\n

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A\u00a0Answered by:\u00a0Jesse Norman<\/a> Answered on: 21 July 2020<\/p>\n<\/div>\n<\/div>\n<\/div>\n

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Consumers already benefit from a reduced VAT rate of 5 per cent on residential construction under certain conditions. This includes conversions of buildings from one use to another, and the renovation of properties that have been empty for two years or more prior to the renovation work. Going further would be very expensive: reducing VAT on all property renovation, repairs and improvements would cost the Exchequer approximately \u00a36 billion per year. Although all taxes are kept under review, the Government has no plans to review the VAT treatment of construction at this time.<\/span><\/div>\n
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Read more….<\/span><\/a><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

In response to a question asked by Sarah Olney (Richmond Park), Financial secretary Jesse Norman ruled out VAT reduction on residential extensions and alterations in a written statement to the House of Commons, saying this reduction would cost the exchequer … Continue reading →<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-27254","post","type-post","status-publish","format-standard","hentry","category-sector-newsblog"],"_links":{"self":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/27254","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=27254"}],"version-history":[{"count":2,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/27254\/revisions"}],"predecessor-version":[{"id":27274,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=\/wp\/v2\/posts\/27254\/revisions\/27274"}],"wp:attachment":[{"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=27254"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=27254"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsblogs.ihbc.org.uk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=27254"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}