TaxCorporate TaxMPs call for land tax to encourage home building

MPs call for land tax to encourage home building

A tax on increases in land value could stimulate the building of thousands of new homes by raising money for new infrastructure

A parliamentary committee is to say today that a tax on increases in land
value could finance the building of thousands of new homes.

The Treasury
will be advised to ensure that the tax is ‘precisely tuned’ before rushing
into legislation, and it will be encouraged to undertake a full cost-benefit
analysis.

The precise details of the tax, known as a planning gain supplement, are
widely expected to be in this winter’s pre-budget report, the
FT reports.

The idea was put forward a year ago in a report by Kate Barker, a member of
the
Bank
of England’s monetary policy committee
, but concerns remain over
how to implement the tax in practice.

Further reading:

Read more on the planning gain supplement
here

KPMG publishes first UK REITS guide

Property development giant sounds tax alarm

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