Posted on 10/01/2022 in Building & Construction Fire Safety Regulatory 2021
New UK tax to fund cladding fire safety

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

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