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 ...
Would you like to know more?
If anything I've written in this blog post resonates with you and you'd like to discover more about the proposed Property Developer Tax, do call me on 01908 774323 and let's see how I can help you.
Helen brings the personal tax planning experience of the top 20 tax companies to Essendon. Formerly of MacIntyre Hudson (with 45 offices nationwide), Helen worked at Chancery for more than 10 years before joining Essendon as the personal tax specialist.
Tax Planning can make a considerable difference to your tax liability. Helen has specialist knowledge and experience in tax planning and uses every opportunity to minimise your tax bill is utilised. By analysing your investments, income, profit and expenditures, Helen will provide strategic tax planning expertise that could offer significant savings, whilst delivering clear, honest advice and guidance.
When Helen is not at Essendon she spends time with her young son and likes going on long walks with the family dog.
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