One important but little reported consequence of the Budget yesterday is the proposal to increase the rate of VAT on the cost of alterations to listed buildings from zero percent to the standard rate of 20 per cent. This means that the cost of renovating such buildings will potentially soar. Clients are advised to make their own investigations but we understand that the changes will come into effect on 1 October 2012.
A further announcement in the Budget is that the National Planning Policy Framework (NPPF) is due to be published on 27 March 2012. This will replace all existing PPGs and PPSs.
We will keep you updated.