- The Isle of Man has updated VAT guidance for construction services.
- Standard VAT remains 20%, but certain work on eligible buildings can qualify for a 5% reduced rate.
- Eligible buildings include domestic dwellings, residential homes, places of worship, and buildings used for relevant charitable purposes.
- The notice clarifies which services and building materials qualify for 5% VAT.
- It also gives contractors guidance on handling contracts with mixed VAT rates.
Source: gov.im
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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