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Tue June 22 2021

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Budget 2016: Developers fear the proposed Crossrail 2 tax

16 Mar 16 Property developers are anxious to learn more about plans to impose a new levy on them to fund the £32bn Crossrail 2 project in London.

Michael Thirkettle, chief executive of property consultant McBains Cooper, said: “The chancellor’s go-ahead for Crossrail 2 will bring about an overdue improvement to the capital’s infrastructure.  It is good that, from the beginning, it will include plans to build new housing around the new stations.

“However, property developers will want to know more about the proposed levy on them to pay for the rail project, particularly as it comes on top of the apprenticeships levy.  It is important that any additional tax burdens on developers do not end up discouraging house-building in the capital.” 

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