Hit "Enter" to search or "Esc" to close.

Your privacy is important to us.

This website uses cookies to help deliver its services. By using this website, you agree to the use of cookies as outlined in our Cookie Policy.

  • Home
  • Sectors & Solutions
    • Brexit Legal Support
    • Charities & Social Enterprises
    • Energy & Renewables
    • InterTradeIreland Emergency Business Solutions
    • Manufacturing Law
    • Property Developers & Construction
    • Technology Law
    • The Legal Technology Group
    • eDiscovery
  • Expertise
    • Banking & Finance
    • Commercial
    • Commercial Real Estate
    • Construction
    • Corporate & M&A
    • Data Protection
    • Dispute Resolution
    • Employment
    • Planning & Environment
    • Foreign Direct Investment
    • Insolvency & Business Restructuring
    • Intellectual Property & Technology
    • Personal Legal Matters
    • Private Equity & Venture Capital
    • Public Procurement
    • Public & Administrative
    • Tourism & Licensing
  • People
    • People
    • Join Our Team
    • Trainee Programme
  • News & Insights
    • News
    • Legal Insights
    • Social
  • About
    • About Us
    • Clients
    • Corporate Social Responsibility
  • Legal Technology
    • The Legal Technology Group
    • Frequently Asked Questions
    • Insights
    • Electronic Discovery Reference Model
  • CFR HR
  • Get In Touch
Cleaver Fulton Rankin Solicitors, Belfast Logo
Contact
  • Sectors & Solutions
    • Brexit Legal Support
    • Charities & Social Enterprises
    • eLearning
    • Energy & Renewables
    • InterTradeIreland Emergency Business Solutions
    • Legal Technology
    • Manufacturing Law
    • Property Developers & Construction
    • Technology Law
  • Expertise
    • Banking & Finance
    • Business & Private Immigration
    • Commercial
    • Commercial Real Estate
    • Construction
    • Corporate & M&A
    • Data Protection
    • Dispute Resolution
    • eDiscovery
    • Employment
    • Planning & Environment
    • Foreign Direct Investment
    • Insolvency & Business Restructuring
    • Intellectual Property & Technology
    • Personal Legal Matters
    • Private Equity & Venture Capital
    • Public Procurement
    • Public & Administrative
    • Tourism & Licensing
  • People
    • People
    • Join Our Team
    • Trainee Programme
  • News & Insights
    • News
    • Legal Insights
    • Social
  • About
    • About Us
    • Clients
    • Corporate Social Responsibility
  • Legal Technology
    • The Legal Technology Group
    • Frequently Asked Questions
    • Insights
    • Electronic Discovery Reference Model
  • CFR HR
  • Get In Touch
Contact

The Cladding Remediation Tax & Levy: Developers & Purchasers Take Note

< Back to Legal Insights

There has been much coverage in recent weeks around the government’s £3.5bn worth of funding to fix dangerous combustible cladding on highrises in England.

What has not been reported on as widely, is exactly how the government is planning to recoup this funding, which is where a new tax on larger residential property developers from 2022 comes in. It is expected that this planned ‘Cladding Remediation Tax’ will raise around £2bn over 10 years, and will ‘ensure the largest property developers make a fair contribution to the remediation programme in relation to the money they make from the residential property market’. In addition to the Cladding Remediation Tax, the government is expected to introduce a levy when developers seek planning permission for highrises.

Whilst these measures are set to apply in England, the issue of dangerous, combustible cladding on highrises is also of concern here in Northern Ireland. Although it remains to be seen, similar measures such as taxes and levies on property developers could well be introduced by the Northern Ireland Executive in due course, and ultimately, the associated costs to developers could end up being passed down to purchasers. Developers will likely have to recover these costs via the purchase price of the properties and the ongoing service charge payable by homeowners. The latter will mean increased long term costs for homeowners that is often overlooked at the outset of the property purchase process.

It is also worth noting that many prospective purchasers of properties in existing highrise or apartment complex buildings are pulling out of purchases if they learn that the cladding in the building is not up to current standards.


« Previous Article
Next Article »

Author(s)


Person Thumbnail

Shane Conlan

Associate

Email Icon    |    view profile

How can we help you?


Call us on the Belfast number below or send us a message and one of our team will be in touch.

028 9024 3141
Send us a Message

How can we help you?


Contact
GDPR Compliance *

Related Areas


  • Commercial Real Estate
  • Construction
  • Buying or Selling your House
Cleaver Fulton Rankin Logo

Belfast Commercial Law Firm:

Cleaver Fulton Rankin,
50 Bedford Street,
Belfast, BT2 7FW

Tel: 028 9024 3141
E: info@cfrlaw.co.uk

Social Media Icon Social Media Icon Social Media Icon Social Media Icon

Privacy Policy
Cookie Policy
Disclaimer

© 2022 Cleaver Fulton Rankin - Solicitors, Belfast
Created by WebsiteNI

Current Awards

Award
Award
Award
Award
Award
Award
Award
Award
Award

Social Media Icon Social Media Icon Social Media Icon Social Media Icon

Privacy Policy    |    Cookie Policy    |    Disclaimer

© 2022 Cleaver Fulton Rankin - Solicitors, Belfast    |    Created by WebsiteNI

© 2022 Cleaver Fulton Rankin - Solicitors, Belfast    |    Responsible Business    |    Privacy Policy    |    Cookie Policy    |    Disclaimer    |    Created by WebsiteNI

Social Media Icon Social Media Icon Social Media Icon Social Media Icon