Treasury Consultation On New Property Developer Tax
Funding the removal of unsafe cladding ...
Posted by Helen Beaumont on 05/05/2021 @ 8:00AM
The new Property Developer Tax was originally announced in February 2021, when the Government pledged to fund the cost of cladding replacement for all leaseholders above 18 meters and higher ...
The new Property Developer Tax will help fund the removal of unsafe cladding!
In a bid to pay for the extensive remedial work that will be needed, a Gateway 2 levy will now be applied when developers seek planning permission for certain high-rise buildings. The Government is currently looking for feedback on the features of the proposed tax.
"The tax is expected to come into force from 2022 and should raise over £2bn over 10-years!"
The Government believes that residential property developers who benefit from improved confidence in the housing market should fund the associated costs of removing unsafe cladding around England. It would certainly be a vote winner if it accelerated the timescales to remove all the unsafe cladding.
Removing unsafe cladding is a massive priority for the Government right now, and given the significant costs associated with this programme, estimated to be over £5bn, it believes that a property developer tax is the right way to go.
Until next time ...
HELEN BEAUMONT
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