A new 4% yearly tax on property developers’ profits will fund building fire safety remediation for the coming decade. The tax, announced in the Government’s budget, aims to raise UK£ 2 to 5 billion to remove and replace dangerous building cladding materials, following the Grenfell Tower fire in 2017. The tax will apply to trading profits above UK£ 25 million on residential property development activities and interests in development land. The total remediation costs are expected to reach UK£15 billion (report to UK Parliament in 2020).
“Developers will pay £5,000,000,000 tax to fix homes with dangerous cladding”, Metro UK, 27/10/2021 https://metro.co.uk/2021/10/27/budget-2021-sunak-confirms-property-tax-to-remove-grenfell-cladding-15496255/