Empty property owners in Amber Valley could be entitled to a reduced VAT bill if they refurbish, and the borough council is helping pave the way by producing a new leaflet explaining the process.
To qualify for a VAT reduction on refurbishment costs the property must have been empty for two years immediately before the start of renovation work, and it must be used for residential purposes after the work has been completed. In these cases VAT can be reduced to 5 per cent. If a property has been empty for at least ten years prior to the start of renovation work, VAT can be reduced to 0 per cent. Both houses and commercial spaces being converted to residential are eligible.
Amber Valley’s Empty Property Manager, Sue Li, said: “We are constantly looking at different ways of bringing empty properties back into use and feel the VAT reductions on refurbishment could prove a great incentive for some owners who are put off by building costs. We are always more than happy to talk through the whole range of incentives and schemes we have access to.”
The leaflet ‘Empty Property Vat reductions’ is available from The Council’s Town Hall reception in Ripley, and it www.ambervalley.gov.uk.