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BPF response: Capital loss legislation

We responded to the government’s draft capital loss restriction legislation. We reiterated concerns that many businesses will not pay tax on their economic profit as a result of these rules – with the rules creating a cliff edge where gains and losses arise in different accounting periods. 

UK Commercial Real Estate Economic Footprint

The British Property Federation commissioned planning and development consultancy Lichfields to analyse the economic footprint of the industry. This short report summarises the key findings from this research, focused around four broad themes: jobs and labour market, output and turnover, tax revenue to exchequer. 

BPF RESPONSE: VAT (Reduced Rate) (Energy-Saving Materials) Order 2019

We provide our comments on the legislation on the draft order

BPF response: stamp duty land tax non-uk resident surcharge

Read our submission to the Treasury consultation. 

BPF response: Revised draft Greater Manchester Spatial Framework

Our response to the revised draft Greater Manchester Spatial Framework, published in January.

Hybrid and other mismatches

What: An HMRC consultation on the application and impact of the double deduction and acting together rules.

Our view: The rules could work better for fund structures – and in particular, exempt investors should be able to invest collectively without incurring additional tax cost.

Notification of uncertain tax treatment

What: An HMRC consultation on the introduction of a new disclosure requirement for uncertain tax treatments for large business from April 2021.

Our view: At a time when businesses are already having to adapt to new ways of working, HMRC should delay the implementation, reduce the scope of the rules and make clear the definition of what is reportable within the rules.

SDLT – surcharge on non-residents buying residential property - legislation

What: Draft legislation is set to introduce an SDLT surcharge on non-resident purchases buying residential property from April 2021.

Our view: These measures will hamper businesses that contribute to housing supply – such as build-to-rent providers and those developers that help fund their developments through off plan sales.

Business rates call for evidence – response to tranche 1

What: The first tranche of the Government’s Business Rates Review, including the multiplier, reliefs, empty rates, and the impact of capitalisation of rates into rents.

Our view: The business rates burden is too high and is not responding quickly enough to changes in market rents.

BPF response to the Changes to the Current Planning System Consultation

What: A consultation on planning – assessing housing need, accommodating First Homes and an affordable housing exemption for SMEs.

Our view: Housing numbers need to better reflect regional growth aspirations and First Homes in Build to Rent developments is not practical.

BPF Response to the BEIS Select Committee inquiry on ‘Levelling up: Local and regional structures’.

What: A consultation on levelling up local and regional government structures – in aid of post-pandemic economic growth

Our view: Local communities and local  leaders are best placed to plan for their populations and for economic growth

Independent Review of Administrative Law: BPF response to the Call for Evidence

The BPF has submitted a response to the Call for Evidence as part of the Independent Review of Administrative Law, commissioned by the government.

Our response covers ways in which judicial review can be improved within the real estate sphere and also how procedural improvements can be made of the Planning Court, established in 2014.