Press Releases

• British Property Federation (‘BPF’) calls on Government to consider measures to help unleash private sector investment to boost economic growth, increase housing supply, renew our high streets, and deliver a green economy.
• Call forms submission ahead of likely final Autumn Statement before the next UK General Election.
• Submission to HM Treasury also argues for reduction of tax burden, better resourcing of the planning system and unleashing the power of REITs to invest in renewable energy generation.

The submission comes as HM Treasury seeks views ahead of next month’s crucial Autumn Statement designed to provide an update on the government’s economic and investment plans, as well as the general state of the UK economy.

Within the submission the BPF has highlighted its shared objectives with Government and made the following recommendations:

1. Boosting growth across the UK to improve living standards, providing certainty and stability to encourage investment, and driving economic growth to our local high streets by:
   • Using Capital allowances to boost green investment.
   • Ringfencing planning fees for local authority planning departments to support planning as a key driver of growth and regeneration in our towns and cities.
   • Encouraging Defined Contribution (DC) pension schemes to invest in commercial real estate – capital from DC pensions schemes will become increasingly important as Defined benefit (DB) pension pots reduce.

2. Supporting the delivery of more sustainable homes and delivering more homes for key workers by:
   • Zero rating VAT on repairs and maintenance of residential buildings to improve the investment proposition for long term investors in residential asset classes, such as Build-to-rent; purpose-built student accommodation; and social housing. This measure will also reduce costs to anyone wanting to improve the quality, safety, and energy efficiency of their own home.
   • Bringing ‘discounted market rent’ within the Community Infrastructure Levey (CIL) exemption to facilitate greater provision of Key Worker Housing.

3. Help renew our high streets to revitalise our towns and urban centres across the country by:
   • Alleviating the impact of business rates:
     • Freeze the tax rate for another year.
     • Extend Empty Property Relief to 12 months, to better reflect true vacancy periods.
     • Introduce a ‘fresh start’ style relief to incentivise the take up of long-term vacant units - a 12-month business rates relief for new occupiers of vacant units will remove barriers to occupiers taking on vacant space.
   • Remove landlord to tenant payments for fit out works from Construction Industry Scheme (CIS) withholding taxes which cause significant unintended cash flow challenges to new tenants - as recognised in Government’s own consultation this summer.

4. Deliver a green economy giving confidence to existing investors and property owners, and unlocking new sources of fundingby:
   • Setting out a long-term plan with clarity on the regulatory milestones to give long-term investors in property confidence.
   • Enabling REITs (Real Estate Investment Trusts) to invest in renewable energy generation for their tenants. 

Melanie Leech, Chief Executive of the British Property Federation, said: “Ahead of what is likely to be the final Autumn Statement before the next General Election, we have submitted to the Government a set of practical proposals which could be delivered quickly and make a significant contribution to our shared objectives to drive growth, support housing supply, renew our high streets, and build a green economy. We urge the Government to work in partnership with the property sector to drive growth and unlock much needed investment in towns and cities throughout the country.”