UK householders who were forced to carry out repairs to their flood damaged properties last summer paid £525million in VAT for the work, figures from insurers show, but the government contributed only £86m, netting £439m for HM Revenues & Customs (HRMC).
Research based on figures from the Association of British Insurers shows householders affected in June paid £5250 VAT on an average repair of £30,000, while those hit the following month paid £7000 for £40,000 of work, the Daily Mail reports.
‘If the Government really wanted to help get these flood-damaged communities back on their feet, cutting VAT would be a very good place to start,’ Brian Berry of the Federation of Master Builders, said.
‘It is clearly very wrong that the Government should be profiting so handsomely from other people's misfortune.’
Further reading:
Comments