The UK Government is seeking views on the Residential Property Developer Tax draft legislation ahead of its inclusion in the 2021-22 Finance Bill. Views should be submitted by 15 October 2021.
This clause introduces a new tax, to be known as the residential property developer tax (“RPDT”) which will be charged on the profits of companies carrying out residential property development. The RPDT applies to profits arising in accounting periods ending on or after 1 April 2022, with profits from periods straddling that date being apportioned (clause 7).
The Government has introduced the charge with the aim of ensuring that the largest developers make a contribution to help fund cladding remediation costs.
LOADING...