The Chancellor Rishi Sunak has just (23/03/2022) announced that the Government will abolish VAT on energy-saving household measures such as solar panels, insulation, and heat pumps over the next five years.
Announcing the measure in his Spring Statement, Chancellor Rishi Sunak said it was “thanks to Brexit” that the changes could be introduced.
Previously, households had to pay five per cent VAT on energy saving materials as long as certain eligibility requirements — set by the EU — were met. In some cases, VAT was charged at a 20 per cent rate.
The VAT slash will mean that a family installing solar panels on their home “will see tax savings worth £1,000 pounds and savings on their energy bill of over £300 per year”, the Chancellor said.
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