Development Land Tax
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Gordon Brown MP has signalled Labours intentions to act on recommendations outlined in Kate Barkers March report on the ‘Review of Housing Supply’. Speaking at the recent Labour Party Conference he announced that together with John Prescott he would ‘implement the Barker review’.
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Kate Barkers report includes tapping into the uplift in land values when planning permission is granted through either a land tax or reform of planning gain. This money would then go towards funding the infrastructure for the anticipated 100,000 new homes that are expected to be needed each year.
Matthew Allen of Rural Property Consultants, Fisher German comments that ‘ It is still very early stages and there will have to be a lot of consultation before this can go through. There will be some major questions to be asked including whether the Governments implementation will affect all individuals wanting to undertake all forms of minor development or be restricted to more major schemes. It could have a dramatic affect on peoples thinking depending on what levels any tax are set.’
For further information on tax and planning issues contact Matthew Allen of Clayson Haselwood Fisher German, 50 South Bar, Banbury. Tel: (01295) 271555 Email: matthew.allen@fishergerman.co.uk
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