Is Alistair Darling considering a VAT cut for home improvements?
The Scottish Building Federation is today at the centre of an intriguing scheme which could see VAT on home improvements cut to around 5%. Alistair Darling has been hit with a number of potential schemes in the run-up to the next budget on 22 April, with the Scottish Building Federation believing a reduction in VAT on home improvements would lead to a further £80 million a year boost to the sector. If this cash injection were to materialise it could potentially save the future of many businesses and jobs.
Figures suggesting that upwards of 70,000 Scottish homeowners would themselves consider indulging in home improvements in the short term, if VAT were reduced, is significant but when you roll this out across the whole of the UK the potential is enormous. Not only would this inject more interest into the UK property market but it would also increase business for the home improvement market which has literally died a death.
One potential by-product of a reduction in VAT for home improvements would also be the undermining of the current pricing advantage which "cowboy builders" have over law-abiding, taxpaying businesses. In theory this potential scheme could well be a win-win situation for all involved?
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