In response to the post-Grenfell building safety crisis, the UK Government is now consulting on a proposal to introduce a new residential property developer tax.
The proposed new residential property developer tax will form part of the £5bn Building Safety Fund. This is likely to be introduced in 2022, with the aim to raise at least £2bn over 10 years. The tax would apply to residential developers with annual profits in excess of £25m.
Although this is a technical consultation, it is essential that all voices are heard by the Treasury to inform their policy-making.
In response to the poorly designed Government consultation document we have created an editable PDF form to simplify the response process and make it more accessible. Please download the PDF below, complete the questions that apply to you and submit to the Treasury via email (details in the PDF).
The questions are set by the Treasury so we would suggest that you only answer the questions they ask on the form. Additional comments and observations should be included in your covering email.
If there are questions you do not have a view on, that is fine, just put ‘N/A’ in the box.
Some of the key points you may like to consider are:
- Is this a suitable and sufficient contribution from residential developers for their part in the crisis?
- Does the new tax make the polluter pay?
- Is a cap of £2bn over 10 years sufficient?
- Is the definition of a Residential Property Developer correct?
- Will the new tax be enforceable or will tax accountants and lawyers find ways around it?
The full detail behind each question can be found in the Consultation Document.
Please share this page with friends and neighbours and encourage them to respond as soon as they can.