A consultation paper on the residential property developer tax was published on 29 April 2021. It will apply to profits from companies undertaking UK residential property development where those profits exceed an annual allowance of £25m. The tax is to be time limited and will be introduced in 2022. It will operate alongside the separate ‘gateway 2’ levy that is to be introduced separately. The consultation seeks views on a variety of matters including the definition of ‘residential property’ and on the two alternative models for calculating the profits that will be subject to the tax. Responses to the consultation are invited by 22 July 2021.
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A consultation paper on the residential property developer tax was published on 29 April 2021. It will apply to profits from companies undertaking UK residential property development where those profits exceed an annual allowance of £25m. The tax is to be time limited and will be introduced in 2022. It will operate alongside the separate ‘gateway 2’ levy that is to be introduced separately. The consultation seeks views on a variety of matters including the definition of ‘residential property’ and on the two alternative models for calculating the profits that will be subject to the tax. Responses to the consultation are invited by 22 July 2021.
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