Land tax will stifle housing supply says Rics

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The supply of affordable homes will be jeopardised by a new government proposal to tax property development, the Royal Institution of Chartered Surveyors (Rics) and British Property Federation (BPF) will tell the ODPM Select Committee today.

Rics says while it recognises the intention behind the proposed planning gain supplement to collect revenue from the uplift in land value to pay for infrastructure and housing where it is most needed, in reality, the lack of political consensus means that landowners will hold back potential development land in the belief the next government will overturn the new tax. Rics and the BPF also claim the planning gain supplement will impose a tax on business expansion and take the means of delivering local development priorities away from local government. Rics, chief executive Louis Armstron...

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