Chancellor Rishi Sunak has announced the introduction of a new ‘property developer tax’, part of a £5 billion package aimed at addressing the cladding crisis.
The government will introduce a new tax from April 2022 on the profits that companies and corporate groups derive from UK residential property development.
The tax will be charged at 4 percent on profits exceeding an annual allowance of £25 million.
The Autumn Budget presented this afternoon (27 Oc...
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