John Prescott is urging the chancellor to harmonise tax rates on new and developed properties in his budget next week in an attempt to encourage big urban renovation programmes.
According to reports in The Guardian, the deputy prime minister is pushing for a reduction in the VAT due when developers modernise properties. At present, a rate of 17.5 per cent is due, whereas new properties are zero-rated.
The ODPM believes that the disparity favours new building, and discourages inner-city regeneration projects.
Taxman lines up early exit from doomed Concentrix tax credits deal, as HMRC faces intense scrutiny from MPs
Making Tax Digital will impose significant additional tax compliance costs on small businesses for little or no medium term benefit, tax and small business experts told MPs
The drive towards a fully digital tax regime is an admirable one, but mandation is simply wrong, according to one of the UK's most senior tax technology practitioners - Paul Aplin
HMRC has won its tenth successive case against tax avoidance schemes promoted by NT Advisors. The Court of Appeal has ruled that NT ... read more