As the general election date draws closer, the BMA has called for a reduction in the rate of VAT on repairs, maintenance and management of homes from 20% to 5%.
BMA CEO Tom Reynolds, added his support to a letter sent to the three main party leaders by The British Property Federation and the Federation of Master Builders, detailing the economic benefits that this change would bring.
“The BMA is fully supportive of urging all parties to consider a commitment to reduce VAT, which was first called for in 2015,” says Tom.
“The 2015 ‘cut the VAT campaign’ had the support of more than 60 charities, trade associations, business groups and financial institutions because of the tangible economic, social and environmental benefits, this change would bring.
“It is even more important four years on, as such a substantial cut would improve the sustainability of bathroom products through extension of the lifecycle, ensuring they remain water efficient.
“Doing something about our leaky and inefficient existing housing stock with the increased use of more water and energy-efficient bathroom products would go a long way to helping reducing the UK’s carbon emissions.
“The letter includes some powerful arguments on how this move would help us reach our net-zero carbon targets, increase investment in housing and stimulate the economy. I hope that the potential future leaders will respond and make this long for change a reality for the new government.”