Sean McGinness (partner and Head of Real Estate) and Richard Meller (Corporate Tax Director) discuss the proposed Residential Property Developer Tax (RPDT), including:
– The consultation from HRMC
– The extent the proposals will affect the residential development sector, including those providing student and retirement living
– The mechanics of the proposed tax and identified concerns
As the RPDT is aimed at those with profits of £25m or more, they also consider how profits will be calculated, how the tax will be applied by geography of profits and its application to those that have already self-funded remediation to cladding or those who have had no cladding issues.