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first_imgThe government has opened a consultation on how its controversial property developer tax should work.Designed to help raise cash for the £5 billion cladding remediation fund ministers have set up following the outcry over the huge costs many leaseholders were due to face, the tax will be levied on all developers making profits of more than £25 million a year.The government says ‘it is right’ that house builders, who will benefit from the ‘restoration of confidence’ within the housing market by the fund, should help pay the significant costs associated with the removal of unsafe cladding.Announced in February, the tax will be UK-wide and be time limited to ten years.It is expected to raise £2 billion for the remediation fund.The tax as proposed will be dual and include a general tax on profits and also a ‘gateway’ tax for those applying to develop high-rise buildings.HM Treasury says the consultation is designed to settle on how these two tax measures will work, including whether conversions as well as new-build residential developments should be included.Financial Secretary to the Treasury Jesse Norman (pictured), says: “Ending the use of unsafe cladding is a priority for the government, as it builds back better from the pandemic.“Given the significant costs associated with the removal of unsafe cladding, it is right to seek a fair contribution from the largest developers in the residential property development sector to help fund it.”Read more about cladding. cladding remediation Jesse Norman property developers April 29, 2021Nigel LewisWhat’s your opinion? Cancel replyYou must be logged in to post a comment.Please note: This is a site for professional discussion. Comments will carry your full name and company.This site uses Akismet to reduce spam. Learn how your comment data is processed.Related articles BREAKING: Evictions paperwork must now include ‘breathing space’ scheme details30th April 2021 City dwellers most satisfied with where they live30th April 2021 Hong Kong remains most expensive city to rent with London in 4th place30th April 2021 Home » News » Government takes next step towards controversial property developer tax previous nextRegulation & LawGovernment takes next step towards controversial property developer taxMinisters are asking property industry how best to tax companies building homes to help back its cladding remediation fund.Nigel Lewis29th April 20210394 Viewslast_img read more

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