FINANCE NEWS: Budget cuts VAT on care and multiple occupancy homes

The Budget introduced measures aimed at encouraging charities to use their buildings to provide homes for "some of the most vulnerable people in society".

A reduced VAT rate of 5 per cent was introduced for converting non-residential property into a care home or "multiple occupancy dwelling

such as bedsits.

The same rate applies to renovating a care home or multiple occupancy dwelling that has not been lived in for three years.

These changes were part of a package of measures advocated earlier by the Charities' Tax Reform Group.

Helen Donoghue, administrator of the group, said: "This is a relief we had pressed for as there are some charities trying to work in urban regeneration areas and develop community care centres, for example, that will benefit."

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