To encourage urban regeneration, in 2001 a reduced VAT rate of 5% applying to certain conversion work on existing buildings was introduced. The relief applies to conversion works which result in:

A change in the number of dwellings in a property;

The conversion of property into a house in multiple occupation (HMO) or into one or more multiple occupation dwellings;

The conversion of a property into a relevant residential purpose building.

In addition, the reduced rate of VAT applies to work on undertaken on properties which have been unoccupied for two years (see ¶33-750).

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