Several insurance companies have called for a freeze in the controversial Insurance Premium Tax (IPT) ahead of the Autumn Budget… now a specialist insurer wants a reduction, but on another levy.
Ecclesiastical, which insures Grade I listed properties, has joined concerned groups in urging the government to reduce VAT on repairs and approved alterations to listed buildings to 5%.
“Reducing VAT on repairs and approved alterations to listed buildings is vital to help organisations and owners of listed properties protect such an important part of the nation’s heritage,” said heritage director Faith Kitchen.
She noted: “Ecclesiastical supports organisations such as the Heritage Alliance and the Listed Property Owners’ Club which have argued the VAT on repairs gives an unfair tax advantage to developers and penalises owners of historic buildings, many of whom are private individuals, who are facing higher repair and maintenance costs.
“We need to do more to support the custodians of Britain’s heritage properties, and we urge the government to reduce VAT to 5% on repairs and approved alterations to listed buildings.”
The Autumn Budget will take place on October 29.