Lord Mann
Main Page: Lord Mann (Labour - Life peer)Department Debates - View all Lord Mann's debates with the HM Treasury
(13 years, 6 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
The Financial Secretary to the Treasury (Mr Mark Hoban)
My hon. Friend raises an important question. There are a number of cases—Arch Cru is one of them—in which different parties are in different jurisdictions. It is important that regulators work together, along with the parties involved, to ensure that a good deal is put in place to help investors.
John Mann (Bassetlaw) (Lab)
T3. A listed building that is dismantled and rebuilt as a new dwelling will be zero rated, but people will not be able to renovate an empty barn for the same price if it is VAT-able at 20%. Is that or is that not a perverse incentive to demolish empty listed buildings?
The Exchequer Secretary to the Treasury (Mr David Gauke)
As financial advice, I am not sure it is necessarily wise to dismantle and then rebuild a listed building to make a saving, but there is an anomaly in the tax system: people pay VAT for a repair on a listed building, but they do not pay VAT for an alteration. That does not seem right.