Estate Agents Holding VAT At Old Rate

 

A number of estate agents across the UK are freezing VAT at the old rate of 17.5% as an incentive to attract those considering their property in 2011.

An example is Chesterton Humberts who are freezing VAT at 17.5% until February 28, despite the New Year rise to 20% on goods and services, which includes estate and letting agency services.

The firm will pay the extra 2.5% themselves, provided that sellers instruct the company as sole agents at their standard commission rate and contracts are exchanged on or before 30 April 2011.

Chesterton Humberts' CEO, Robert Bartlett, commented: “We want to give property owners considering selling a bit of motivation. With prices rising across the board, we want to do what we can to minimise the pain.”

The UK lettings market is a lot stronger but to remain competitive some agents are also choosing to freeze the VAT rise for landlords on full management service packages, for example for the remainder of outstanding 6 or 12 month tenancy agreements.

 

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