BPF urges the Government to pilot Town Centre Investment Zones to deliver rapid high-street change.
To reduce carbon emissions and mitigate against increasing energy costs the BPF calls for VAT on residential repairs and maintenance to be removed.
The British Property Federation (BPF) is calling on the Chancellor of the Exchequer, Rishi Sunak, to use this week’s Spring Statement to take action to support the Government’s ambitions to level-up the country, decarbonise the economy and ease the cost-of-living crisis being felt by millions.
The real estate sector is well-placed to deliver investment across the country, working in partnership with local and national Government. To unleash this investment and support job creation, the BPF has highlighted three key actions:
A greener, decarbonised future
- Removing VAT on repairs and maintenance of residential buildings, to ensure that tax is not a blocker to anyone wanting to improve the energy efficiency of their own home[1].
- Using capital allowances to expedite tax relief on retrofitting and energy efficiency improvement works.
Thriving town centres
- Accelerating the renewal of our high streets through Town Centre Investment Zones[2].
- Forging ahead with business rates reform by increasing the frequency of revaluations, extending empty rates relief and abolishing downward rates phasing.
Housing the nation
- Stimulating institutional investment into affordable housing[3].
- Temporarily halting all council tax revaluations of Houses in Multiple Occupation.
Melanie Leech, chief executive of the British Property Federation, comments, “The Government has committed to reach net zero carbon by 2050 and to create a more economically balanced and socially just society. The real estate sector has a vital role to play in delivering on both these ambitions and we urge the Chancellor to use the Spring Statement to accelerate investment and action. With the public and private sector working in partnership we can revitalise our high-streets and town centres and help both businesses and individuals to reduce their carbon footprint.”
[1] See appendix: Removing VAT on repairs and maintenance of residential buildings for further detail
[2] See appendix: Town Centre Investment Zones for further detail
[3] See appendix: Stimulate institutional investment into affordable housing for further detail