Spring statement: cutting VAT for going green

Spring statement cutting VAT for going green

The announcement of the spring statement brought the news that VAT on energy saving materials is set to be scrapped. Chancellor Rishi Sunak said the move was partly due to rising energy costs as homeowners become more conscious of rising energy bills. The move will see materials such as solar panels, heat pumps and insulation be entirely exempt from VAT for the next 5 years.

The previous, already discounted VAT rate of 5% will now be completely disregarded as the government attempt to encourage homeowners and homebuilders alike to make properties as energy efficient as possible – a move designed to help reach the governments climate change goals while easing the energy bills for homeowners amid rising costs.

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