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.