Building safety and the residential property developer tax

For most people, the investment they make in their homes is the single largest one they’ll make in their lifetimes. It’s easy to understand then why leaseholders around the country affected by building quality issues are feeling such distress.

As a company, we’ve wholeheartedly welcomed the funding made available by the UK Government to help rectify building quality issues. We’re also supporting the Government’s decision to introduce a temporary tax mechanism to raise revenue to support building remediation. 

In summary, the current situation facing many residents and leaseholders is tough. That’s why we strongly support the work of the Government to come up with an industry wide solution that helps alleviate the stress on leaseholders. 

If designed correctly, such a tax would deliver much needed funds to those who need it most. However, as with any new proposals, we need to make sure they deliver the intended benefits without any unintended consequences.  

They must avoid disrupting the vital supply of new housing. Plus, with this in mind, it’s also important to take the time required to get the legislation right. We also believe allowing more time for consultation would potentially result in more robust legislation.  

We are strongly supportive of the work of Government to drive an industry wide solution to attempt to resolve these issues. Those proposals must be fair, effective, and simple to implement - in a manner that will provide certainty for the residents, property owners, industry, and Government. 

ENDS