tax & finance
07 Jul 2021 Tax and Finance

Residential Property Developer Tax (RPDT)

What: As part of the government’s commitment to help fund cladding remediation works, they have proposed a new tax on residential property developers.

Our view: This new tax is disproportionately complex, in the context of the level of revenues it will raise. It will be particularly penal on investment asset classes, like BTR and PBSA, which will impact on development viability of new rental homes – we therefore call for a carve out for investment asset classes.

tax & finance
30 Jun 2021 Tax and Finance

BPF response to FCA consultation on the LTAF (Long Term Asset Fund)

What: As part of the Government’s wider ambitions to bolster the UK as a centre for asset management, the FCA have consulted on a new regime to enable UK-authorised open-ended funds to invest more efficiently in long-term, illiquid assets.

Our view: Given the illiquid nature of real estate investment, we particularly welcome moves to create a new fund to facilitate investment in long-term, illiquid assets and, as such, we support the introduction of the LTAF. This has the potential not only to increase investment but also to help address some of the major challenges that the UK faces – including our net zero carbon targets, the regeneration of our high streets, and the development of more high-quality homes.

planning
22 Jun 2021 Planning

BPF response to the Call for Evidence on Local Authority Remote Meetings

What: The government is consulting on the effectiveness of remote local authority meetings including virtual planning committee meetings which had been in operation since the start of the pandemic until early May of this year.

Our view: We are supportive of the move towards holding more planning committee meetings remotely albeit there will be scenarios where a physical meeting is more appropriate. Local authorities should be empowered to judge the best meeting method in light of the matters to be discussed with input from all interested parties. National guidance should also be produced to assist local authorities in determining the best format.

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10 Jun 2021 Environment and Sustainability

BPF Response – Performance-based ratings in commercial buildings

what: We have submitted our response to the BEIS consultation on introducing a new policy framework for performance-based energy ratings in commercial and industrial buildings over 1,000m2

our view: We were directly involved in developing this policy framework and are therefore highly supportive of the proposals. We have provided a few comments on areas for future improvement.

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10 Jun 2021 Environment and Sustainability

BPF Response to the Implementation of a future trajectory for non-domestic PRS MEES

what: We have submitted our response to the BEIS consultation which discusses principles of implementing a future trajectory for non-domestic PRS MEES up to a standard of EPC B by 2030.

our view: We are broadly supportive of the government’s commitment to an EPC B standard by 2030, but have suggested interim milestones may not provide property owners with enough flexibility.

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06 May 2021 Leasing and Commercial

BPF Response to the Commercial Rents and Covid-19 Call for Evidence

What: We have submitted our response to the Call for Evidence on commercial rents in which the Government requests views on a series of options on the best way to withdraw or replace the moratorium on commercial lease evictions and the restrictions on the use of CRAR.

Our view: The moratoriums should be lifted in full at the end of June and an enhanced Code of Practice with adjudication by the courts should be the backstop where agreements cannot be reached. 

tax & finance
22 Apr 2021 Tax and Finance

Review of the UK Funds Regime

What: We have submitted our response to the government’s review of the UK funds regime – part of the government’s ambition to bolster the UK as a destination for the investment management industry.

Our view: We support the government’s bold ambitions. Our main recommendations include: the creation of a new government task force bringing together expertise from tax/regulation/corporate law, to recognise the multifaceted and long term nature of the challenge; a broadening of the REIT rules to better enable REITs to channel investment to support our net zero goals and other government priorities; and the creation of new fund vehicles which are suitable for institutional investors and joint ventures.

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14 Apr 2021 Environment and Sustainability

BPF Response to the Future Buildings Standard consultation

what: We have submitted a response to the government’s latest consultation on updates to Parts L and F of the Building Regulations, including tightened energy efficiency and ventilation standards for non-domestic buildings.

our view: Whilst the government’s intent to tighten standards is correct, we believe the level of ambition, timescales, and preferred methodology must be revisited.

tax & finance
01 Apr 2021 Tax and Finance

BPF Response to VAT and Value Shifting

We responded to a Government consultation on VAT avoidance through “value shifting”. While the proposals don’t seem to be aimed at property businesses, it is not clear whether some types of property arrangements might nevertheless be caught and we have asked HMRC to provide clarity at the earliest opportunity.

tax & finance
30 Mar 2021 Tax and Finance

1 RICS Independent review of real estate valuations – call for evidence

What: RICS have commissioned an independent panel to review commercial real estate valuations.

Our view: We welcome this review, and in particular, acknowledge the importance of ensuring that the profession is independent and objective and our approach to commercial real estate valuations can evolve and stay relevant as the way we use real estate changes.

planning
26 Mar 2021 Planning

BPF response to the government consultation on the new National Model Design Code and amendments to the NPPF

What – The government recently published the draft National Model Design Code and are seeking views on the code’s content and its application in practice.

Our view – The BPF can see the benefits of a National Model Design Code however it will be important that the process of producing local codes is fit for purpose enabling a balance between what is possible and viable on a given development site.

tax & finance
24 Feb 2021 Tax and Finance

BPF response to the government’s consultation on the delivery of a new regime for asset holding companies (AHCs)

What: The government are consulting on a new tax regime for asset holding companies, as part of wider ambitions to bolster the alternative investment management industry in the UK.

Our view: While we continue to support the broad ambitions to attract the alternative investment management industry to the UK, we expressed some concern around the complexity of the current proposals, and the need for government to take a simple and pragmatic approach.