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    Property giants back Tory tax plans

    Property giants back Tory tax plans

    Conservative proposals to match tax revenues local councils receive from new developments supported by British Property Federation

    Author Date published October 26, 2009 Categories

    Property heavyweights in the British Property Federation have given their
    support to Tory plans, which would see the tax revenues going into local council
    coffers doubled.

    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.

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