It was announced last week in the Isle of Man's House of Keys that a crucial building tax incentive, due to expire at the end of 2002, has been extended by a year.
According to the Isle of Man Online news service, Treasury Minister Alan Bell confirmed that the concession, which allows buildings to be repaired and maintained at a reduced VAT rate of 5% will receive an extension, following a question from Douglas North member John Houghton.
The IOM Online quoted Mr Houghton as stressing that the reduction from the normal rate of 17.5% VAT was of 'great benefit', as it allows buildings on the Island to be properly maintained, reduces the need to build more homes, and makes it substantially less attractive for 'cowboy' builders working cash-in-hand.
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