Government seeks your opinion on new property tax plans – Property Industry Eye

Rishi sunak

The government is seeking your opinion on the Taxe Promoteur d’Habitation (RPDT) bill with a view to its inclusion in the 2021-2022 finance bill.

The government organized a consultation to gather opinions on the policy design of the new RPDT between April 29 and July 22, 2021, and received 130 written responses.

The government is now organizing a technical consultation on the RPDT bill for inclusion in the 2021-2022 finance bill, to ensure that the legislation works as intended.

This consultation will run until October 15, 2021 and notices can be sent to [email protected]

The final tax design, including the tax rate, will be announced in the fall budget on October 27.

Charlotte Sallabank, tax partner at Katten Muchin Rosenman LLP, said: “The long-awaited rate of the new tax on residential real estate developers will be announced in the budget.

“I doubt that there will be an increase in CGT tariffs to align with IT tariffs according to the OTS reports – the CGT is not making a lot of money and the increase would be a big loser. There may be changes to inheritance taxes, not necessarily to the overall rates, to generate more income, for example by reducing certain reliefs.

“On the other hand, an increase in the rates of environmental taxes and a widening of their scope / introduction of new environmental taxes could well be included as there is pressure on the government to do so. attack on environmental problems.

“As the increase in national insurance contributions has already been announced and corporate tax is expected to rise to 25% in 2023, further significant increases in direct tax rates are unlikely to be announced. . “

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Penny D. Jackson