Brownfield development to lose tax relief
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by Gill Montia
The British Property Federation (BPF) is promoting a “brownfield first” approach to development, arguing that this not only protects the environment but comes with added social and economic benefits.
Speaking yesterday to a committee of MPs charged with scrutinising the Government’s proposed planning reforms, Ian Fletcher, the BPF’s director of policy, argued the case for “agglomeration”, where people and businesses are focused in a particular area.
However the Federation, which represents the interests of property owners and investors, is also calling on support from central government to make brownfield development viable.
In particular it wants to see Land Remediation Relief (LRR) retained, saying the tax relief helped to make the brownfield schemes of the 1990s and 2000s a success.
Unfortunately, HM Treasury is considering removing the relief in its efforts to simplify the UK’s tax system.
LLR is among 36 tax reliefs up for review, listed alongside concessions on Angostura bitters and Black Beer, which could also get the chop.
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