To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of making leaseholders of high-rise buildings with unsafe cladding who are required to complete a self-assessment tax return exempt from any taxes due as a result of that assessment.
20 April 2021
The Government is investing over £5 billion in building safety, which will help protect leaseholders from cladding remediation costs in high-rise residential buildings. On 10 February 2021, the Government announced a 5-point plan for investment in building safety, with £3.5 billion earmarked for the removal of unsafe cladding on high-rise residential buildings, as well as a new finance scheme for cladding removal on buildings between 11 and 18 metres where no leaseholder will ever pay more than £50 a month. In addition, the Government has proposed a new ‘Gateway 2’ industry levy and residential property developer tax to ensure developers contribute to costs. These measures will provide certainty to residents and lenders, boosting the housing market and helping to ensure that developers, investors and building owners who have the means make a fair contribution to costs of remediation, without passing on costs to leaseholders.
No consideration has been made for a self-assessment exemption for leaseholders of high rise buildings with unsafe cladding.