34-520 Flowchart: Protected buildings – when disposals are zero-rated
(1) Substantially re-constructed
In Cheltenham College Enterprises Ltd  TC 00429, the First-tier Tribunal said ‘substantially reconstructing’ clearly does not envisage total rebuilding of the listed property in question and ‘substantially’ means of the most part or at least 50%.
(2) Approved alteration: to October 2012
This was discontinued from 1 October 2012, but transitional rules apply until 30 September 2015.
An ‘approved alteration’ is an alteration (not repair or maintenance) for which listed building consent is both needed and has been obtained before the work is carried out.