Property developer profits spared!
Controversial levy may now be scrapped

The Prime Minister Gordon Brown recently confirmed that a controversial levy that would have seen property developer profits taxed by the government may now be scrapped. He acknowledged that the planning gain supplement (PGS) could be reconsidered if an alternative source of local funding was found.

The PGS had planned for a share of developers' revenue to be put back into the community via local initiatives, but alternative methods of providing such finance will now be considered over the summer.

The House Builders Federation have said that they are pleased Mr Brown is not proceeding with something they don't think would have the benefits expected of it and believe there are better alternatives to a property gain tax.

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Article date: 07.07