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Tax planning and regulatory news

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Tax, planning & regulatory news

- The UK property tax system is now the most ‘complex’ in the world, according to accountancy firm PwC, and potentially endangers London’s reputation as an investment haven.

- The Town and Country Planning Association has estimated that between 240,000 and 245,000 new homes need to be built every year in England up until 2031. However, annual housing completions over the past 20 years have only averaged just under 143,000 with a high of 234,000. Within London, the GLA projects an annual requirement of 49,000 new homes, whereas actual completions over the past decade have averaged just below 20,000 per annum with a high of just over 23,000.

- Businesses and residents in Milton Keynes have overwhelmingly backed the proposals for the country’s first business-led neighbourhood plan, with more than 100,000 votes cast. The Central Milton Keynes business-led neighbourhood plan sets out a vision for how the area will grow over the next 10 to 15 years. A business-led neighbourhood plan differs from a traditional neighbourhood plan as business representatives must be involved in its development, and a referendum must be held for both residents and businesses locally.

-The tallest residential building in the UK is set to be built after the Mayor of London decided not to oppose it. The 68-storey South Quay Plaza, on the Isle of Dogs in east London, will reach a height of 722 feet. The Berkeley Homes development will provide 888 residential units, 188 of which will be affordable. Construction is due to start next January and is expected to last five years.

- Office-to-residential conversions have reportedly reached a 10 year high. In London, research from Molior indicates that conversions accounted for over 25% of residential starts in Q1. However, the planning changes which facilitated this type of development are due to end in May 2016 although there is talk of a possible extension beyond this date.

- On 11 May 2015 the Mayor of London published a public consultation on some minor alterations to the London Plan relating to Housing Standards and Parking Standards. The changes relating to housing involve quality and design issues and are intended to bring London in line with Government standards. Interested parties will have six weeks to respond.



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Nick has more than 20 years’ experience within the property research arena.

Nick Barnes

Nick Barnes

St Magnus House

020 3040 8406