August 19, 2010

VAT and Housing

New VAT rates have been announced which will affect construction contractors and property owners.

VAT is currently chargeable at the rate of 5% where renovation works or alterations to residential properties that have been empty for at least 3 years.

With effect from the 1 January 2008 the 3 years criteria will be reduced to 2 years.

Elysian Associates
October 2007

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