TaxAdministrationHMRC makes £440m on flood damage

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.’

Further reading:

Read
story in the Daily Mail

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