Property giants back Tory tax plans
Conservative proposals to match tax revenues local councils receive from new developments supported by British Property Federation
Property heavyweights in the British Property Federation have given their
support to Tory plans, which would see the tax revenues going into local council
The extra tax take would be generated from Conservative proposals to match
the rates local authorities receive from new developments such as shopping
centres and housing in order to encourage more development.
Companies including Land Securities and British Land, led by the British
Property Federation are endorsing the plans.
Commercial developments would get 100% matched funding, social housing would
get 125%, the Daily Telegraph reported.