A consultation on a tax for the largest residential property developers to pay for cladding remediation is due to be published in the coming months.
This was confirmed by the Treasury today as part of 30 tax updates, consultations and documents.
The tax will be introduced next year.
It follows an announcement made by housing secretary Robert Jenrick last month, where he said £2bn needed to be raised over a 10-year period.
At the time, Jenrick said: “The government has always expected the industry to contribute towards these costs and some have already done so.
“The tax will ensure the largest property developers make a fair contribution to the remediation programme in relation to the money they make from residential property, reflecting the benefit that they will derive from restoring confidence to the UK housing market.”
A levy is also expected to be applied when developers apply to build the largest buildings.
The government has been widely criticised for its handling of the cladding scandal, including by brokers and lenders.
However, it is maintaining that leaseholders in buildings under 18 metres high will have to cover the costs of repairs and replacements despite bearing no fault for the situation.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS