Chancellor Confirms New Residential Property Developer Tax

Cladding Tax to Cost Britain’s Biggest Housebuilders £205m Per Year

The cladding tax introduced in Wednesday’s Budget could cost the nation’s biggest housebuilders £205m a year.

On Wednesday the Chancellor confirmed a new Residential Property Developer Tax will be introduced from April next year to ‘ensure that the largest developers make a fair contribution to help pay for building safety remediations’.

Having initially announced the tax back in February, it has now been revealed that a 4% charge will be brought to profits exceeding the annual threshold of £25 million.

 

(Source propertynotifyuk)

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