Head of UK Succession and Tax | Private Wealth | Corporate Tax
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Budget 2021 brings us further detail on the (now significantly reduced in scope) Residential Property Developer Tax. Following feedback from industry and professional groups, the RPDT will now only apply to what the Government deems the largest residential property developers, and will be limited in time with the goal of raising £2bn of revenue over the course of a decade.
The tax will apply from 1 April 2022 to profits arising from residential property development recognised in accounting periods ending on or after that date, with apportionment as necessary.
Draft legislation is available, although we await the Finance Bill for the final detail. If you have any questions about how this will affect your business, do not hesitate to contact Foot Anstey.