Glossary
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| The Valuation Tribunal Service (VTS) | The Valuation Tribunal Service is a non-departmental public body which is sponsored by the CLG and is 'to provide staff, accommodation and other support staff and general advice to Valuation Tribunals in England to secure their efficient and independent operation. |
| Valuation Office Agency (VOA) | The Valuation Office Agency (VOA) is an executive agency of HM Revenue & Customs (HMRC) with 85 offices spread throughout England, Wales and Scotland.
Main functions are to Compile and maintain the business rating and council tax valuation lists for England and Wales. Value property in England, Wales and Scotland for the purposes of taxes administered by the HM Revenue & Customs
Provide statutory and non-statutory property valuation services in England, Wales and Scotland
And give policy advice to Ministers on property valuation matters [Weblink] |
| Value Added Tax (VAT) | VAT is a tax on the final consumption of certain goods and services. The normal rate is 17 ½% but the current rates of VAT on building work are:-
0% for new dwellings or non-business charitable purposes.
5% on the cost of renovating buildings that have been empty for three years.
17 ½% on repairs of buildings, extensions and the construction of commercial buildings.
There is also a special 5% rate applicable on the installation of certain Energy Saving Materials. |
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