G15 responds to Residential Property Developer Tax consultation
The G15 - the group of London's largest housing associations - has responded to the government's consultation on proposals to introduce a Residential Property Developer Tax, the proceeds of which will contribute to building safety remediation works.
We strongly support the government’s intention to levy a tax to fund building safety works on existing high risk and high-rise buildings.
The challenge of making existing buildings as safe as reasonably possible is the most pressing issue in housing today, and the G15 are collectively investing £2.9bn over the next 10 years in our buildings to improve safety. We are also pursuing contractors and responsible parties to fund and deliver works that are required, and we are working hard to protect leaseholders from costs as far as possible.
In our response to the consultation we make it clear that:
- the tax must not be seen as a 'silver-bullet' and that further guidance and funding must also be made available to tackle the building safety crisis
- the tax must not reduce the supply of much needed affordable housing
- social housing providers and companies that are wholly owned by non-profit registered providers of social housing should be exempt from the tax
You can read the full response below.
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