Our Work

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.

Our Work

BPF response to land exemption CFE

We responded to the Government’s call for evidence on simplifying the VAT land exemption. While we welcome HMRC’s interest in this area, we do not feel that the “ideas for simplification” set out in the consultation would make life easier for taxpayers; they would most likely make things more difficult. Instead, we urge HMRC to focus on providing more certainty through better guidance, improving taxpayers’ experience of the VAT system through better use of technology and reforming selected areas of the legislation.

Our Work

The Shopkeepers’ campaign’s response to HM Treasury’s business rates review consultation - more frequent revaluations

The Shopkeepers' Campaign continues to call for fundamental reform of business rates for retail with annual revaluations rather than settling for the 3 yearly valuation cycle the Government’s latest consultation is proposing. Read why here
Our Work

BPF response to more frequent business rate revaluations

What: As part of the Government’s Fundamental Review of Business Rates, Ministers are proposing to move to a 3-yearly cycle of revaluations in England.

Our view: Moving to a 3-yearly cycle is a step forward, but we want Government to go further. We are calling for Ministers to publish a roadmap for delivering annual revaluations and a one year AVD. We welcome proposals to increase transparency but this must include transparency over how individual valuations are determined. We oppose proposals to introduce fees and restrict appeals. In particular, we make clear that we can not accept any restrictions on the right of property owners to appeal in cases where they are not the ratepayer.
Our Work

BPF response to FCA consultation on climate-related disclosures

What: The Financial Conduct Authority (FCA) is consulting on enhancing climate-related disclosures by asset managers, life insurers and FCA-regulated pension providers.

Our view: Given the urgency and scale of the challenge we face in transitioning to a low-carbon economy, we welcome proposals to increase transparency which allow clients and consumers to make better informed choices, while remaining proportionate for firms. However, we call for further engagement with the FCA to ensure that rules and guidance work for the real estate sector.
Our Work

Building Safety Levy – BPF response

A DLUHC consultation on the new Building Safety Levy to be applied at Gateway 2 of the new building safety regime. We highlight the damage this policy will do to other Government objectives, for example its push to have more housing growth in 20 key cities. We also draw out a number of areas of the new levy that could draw on existing practices, particularly with the Community Infrastructure Levy.
Our Work

BPF Response to Government consultation on draft RPDT legislation

What: The BPF has responded to the Government’s technical consultation on the draft legislation for the Residential Property Developer Tax (RPDT). Final clauses will be included in the 2021/22 Finance Bill.

Our view: We welcome the decision to exclude PBSA and some BTR development, but call for further amendments to exclude all forms of BTR activity from the scope of the RPDT. We also call for all forms of affordable housing to be exempt from the new tax, and make a series of recommendations on how the RPDT regime can be simplified and how taxpayers can be supported as the new tax is introduced.
Our Work

BPF response on corporate re-domiciliation

What: The BPF has responded to a Government consultation on corporate re-domiciliation. This is seeking views on the introduction of a UK re-domiciliation regime, making it easier for companies to relocate to the UK.

Our view: We welcome the Government’s proposals, particularly in light of the new tax regime for asset holding companies (AHCs) due to come into force on 1 April 2022, and call on Government to move quickly to introduce the necessary legislation.
Our Work

BPF Response: Planning for London Programme

The BPF have submitted a response to the GLA’s Planning for London Programme Call for Evidence. This consultation is intended to inform the GLA’s early thinking around the next iteration of the London Plan.   

Our Work

BPF response: technical consultation on business rates

What: The BPF has responded to a Government consultation on changes to the business rates system, including measures to enable more frequent revaluations, a new improvement relief and on support for investment in green plant and machinery.

Our View: We welcome the move to a cycle of three-yearly revaluations, but call for a number of changes to the Government’s proposals to ensure that the new duty on ratepayers is reasonable and proportionate. This includes longer periods for providing information to the VOA and in which to make Challenges. We also set out concerns about the proposed improvement relief and call on Ministers to be more ambitious in greening the business rates system.
Our Work

BPF response: SDLT rules for mixed property purchases and MDR

What: The Government have consulted on proposals to change the Stamp Duty Land Tax (SDLT) rules for mixed-property purchases and Multiple Dwellings Relief (MDR).

Our view: The Government must ensure that commercial property transactions involving residential property are not adversely impacted by changes to SDLT which are intended to tackle the behaviour of certain individual purchasers. Any changes must be targeted and proportionate.
Our Work

BPF response: OECD Pillar 2 – consultation on implementation

The BPF’s response to the Government’s consultation on how the Pillar 2 rules will be implemented in the UK, which is intended to ensure multinational enterprises operating within the UK pay a global minimum level of tax.