The Royal Institute of Chartered Surveyors (RICS) and British Property Federation (BPF) have told the Parliamentary Select Committee that proposed plans by the government could hold back housing and business development.
The proposals are intended to raise more money from property developers to pay for infrastructure and services to support the development, but have been criticised, as it has been said that developers would hold back their developments for years, even after planning permission had been granted, "in the belief that the next government would overturn the new tax".
Our view
As ever, plans are made by ill informed politicians and their advisers who little understand the impact and indeed potential revolt by those being 'forced' to pay.