Preston Opens New Student Centre
15th Oct 2021
New legislation that will increase the tax liability of property developers will not cover most student accommodation.
The UK's new residential property developer tax (RPDT) has been published for consultation with plans to introduce the tax from April 2022.
There had been calls for build-to-rent (BTR) developments to be excluded from the new tax, with the British Property Federation (BPF) labelling it unfair. According to the group, BTR developers already remain fully liable for remediation work and costs are not passed on to renters.
The new tax is one of the measures designed to contribute to the costs of the government's plan to remove unsafe cladding from leased residential buildings.
The draft legislation excludes student accommodation buildings if they are designed or adapted, or being constructed or adapted, for use by students and are expected to be occupied by students for at least 165 days in a year.
RPDT will apply to residential property development profits of companies that undertake UK residential property development activities. The tax will only be charged on profits exceeding an annual allowance, which is yet to be set. However, a figure of £25 million has previously been suggested.
The consultation will run until October 15, with the legislation due to be included in the 2022 Finance Bill. The details of the tax are expected to be announced in the chancellor's budget announced scheduled for 27 October.
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