RICS urges housebuilding tax cuts to boost economy
Chancellor George Osborne told that lower taxes for the housebuilding industry will boost the UK economy
VAT CUTS FOR housebuilding industry will help to bring the economy back off its knees, claims the Royal Institute of Chartered Surveyors (RICS).
The surveyors body has called on the chancellor to use the tax system to provide incentives to the industry, including cutting VAT on repair and refurbishment of buildings and supporting investment in carbon reduction measures.
RICS also wants the empty commercial property rate relief reinstated, and changes to the tax system to support greater investment in residential property.
“Encouraging activity in these sectors will promote economic recovery and provide sustainable growth in the long term,” RICS said in its statement.
It argues that every £1 spent on construction contributes to £2.84 towards economic activity, with the industry employing around 900,000.