During the Autumn budget on Wednesday 27 October 2021, Chancellor Rishi Sunak confirmed the rate of the Residential Property Developer Tax – this measure will introduce a new tax on company profits derived from UK residential property development.
The tax – called the ‘Building Safety Levy’ – will be charged at 4% on profits exceeding the annual allowance of £25million and will be included in the Corporation Tax Returns of those companies liable to the new tax.
The tax will be applied over a 10-year period starting 01 April 2022 and is expected to raise £2billion over its lifetime to pay for removing unsafe cladding on high-rise building.
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