HMRC makes £440m on flood damage
HMRC made close to £440m in profit on last summer’s flood damage from VAT on repairs
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.’