An extra tax will be levied on housebuilders, in addition to the £2bn levy on developers of taller buildings.
Housing secretary Robert Jenrick yesterday began consultation on the tax, which will kick in on profits above £25m. “This tax will strike the right balance between developers making a contribution and ensuring fairness for the taxpayer,” he said.
The taxes were given the green light last night after the government succeeded in pushing through the Fire Safety Bill, despite repeated rebellions on its backbenches.
Tory rebels and Labour failed to pass an amendment that would have prevented leaseholders from paying huge bills to remove cladding and correct fire safety issues.
