.png)
.png)
A new tax, the ‘Gateway 2’ developer levy has been proposed by the housing secretary. It will be targeted and apply when developers seek permission to develop high-rise buildings in England.
In addition, a new tax will be introduced for the UK residential property development sector. This is expected to raise at least £2bn over ten years to help pay for cladding remediation costs.
The tax is intended to ensure that the largest property developers make a fair contribution to the remediation programme, reflecting the benefit they will derive from restoring confidence to the UK housing market. The government will consult on the policy design in due course.
Housing secretary Robert Jenrick said: ‘Remedying the failures of building safety cannot just be a responsibility for taxpayers. That is why we will also be introducing a levy and tax on developers to contribute to righting the wrongs of the past.’
