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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.

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.

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.

residential 2
02 Feb 2021 High Street | Residential

BPF response to MHCLG's consultation on supporting housing delivery and public service infrastructure

What: We have submitted a response to the government’s consultation on a new Permitted Development Right (PDR) – to enable more commercial, business and service premises on our high streets to be converted into residential without planning permission

Our View: Poorly-planned PDR homes will do more harm than good. It’ll result in quick delivery of new homes in a piecemeal approach, exacerbating the decline of our high streets.

14 Jan 2021 Budget | Tax and Finance

Budget representation: supporting the Covid recovery

We submitted our Budget representation today – our submission highlights the property industry’s role in supporting address three key challenges of our time: helping our towns and cities recover from the Covid crisis; helping meet our net zero carbon targets (and in particular embarking on the huge challenge of retrofitting our property stock); and the role we can play in delivering more homes. 

06 Jan 2021 Environment and Sustainability

BPF Response to Improving the Energy Performance of Privately Rented Homes

What: We have submitted a response to the government’s consultation on the latest minimum energy efficiency standards for privately rented domestic properties.

Our View: Following extensive consultation with our members we have written in support of the government’s preferred policy proposal subject to a number of important considerations. Namely, around the difficulties faced in upgrading older building stock.

tax & finance
04 Jan 2021 Tax and Finance

OECD Global Anti-Base Erosion (‘GloBE’) Report on the Pillar Two Blueprint

What: The OECD are consulting on a minimum level of tax on profits, as part of their BEPS initiative.

Our view: We welcome the OECD’s acknowledgement of the importance of protecting tax neutrality for investment funds – but the ‘excluded entities’ list should include a broader list of entities, including REITs.

tax & finance
23 Nov 2020 Tax and Finance

VAT Grouping - Establishment, eligibility and registration - Call for Evidence

What: Government is consulting on changes to the VAT grouping rules that could affect property businesses.

Our view: The compulsory VAT grouping proposals would be hugely disruptive for the sector, particularly build to rent and student accommodation.