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Construction industry ‘needs lower VAT rate’

March 7th, 2011

vat_thumbCalls have been made to the chancellor of the exchequer to cut the VAT rate that is currently in place for building refurbishment work.

Writing for Construction Enquirer, Grant Prior has appealed for the tax to be reduced from its current level of 20 per cent, stating that it has turned into a ‘now or never’ situation for the sector.

“The government is banking on the Green Deal to create a whole new construction market as millions of homes and properties are made more energy efficient,” Mr Prior noted.

However, he said that as the level of tax is so high, it is hampering its progress, with uncertainty over funding also adding to the problems the industry is facing.

Brian Berry, director of external affairs at the Federation of Master Builders, recently stated that the number of home building schemes needs to increase, although more mortgage lending will be needed before it can happen.

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