The published cost of HS2 may have to be revised upwards by 20 per cent to reflect VAT.
The current funding envelope for HS2 phases one and two is £55.7bn (2015 prices). This excludes VAT because, although HS2 Ltd does pay VAT on construction activity, it is able to recover it all back.
HM Revenue & Customs (HMRC) is, however, currently reviewing this arrangement.
Says the DfT’s new annual report: “Subject to the outcome of this review, there may be a change in the...+89% more
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