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Learning from the past
Key points
- The Grenfell Tower tragedy led the government to announce a £3.5bn fund to fix dangerous cladding on high-rise buildings and loans to leaseholders in lower-rise buildings.
- The government proposes the loan scheme would be paid for by the residential property industry – partly through the residential property development tax.
- The RPDT would apply for ten years from April 2022.
- It will focus on the largest companies that make money from UK residential property development.
- Anti-avoidance rules will be needed to prevent the tax mitigation strategy of delaying completion of the project to after April 2032.
- A key factor will be the calculation of profit.
The Grenfell Tower tragedy (14 June 2017) caused 72 deaths and more than 70 serious injuries. Four years on many hundreds of thousands of people are still living in homes that are clad in aluminium composite material (ACM). It is made from polyethylene...
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