Call to replace CIL with property transactions tax
0The Community Infrastructure Levy should be replaced by a property sales levy of 1%, giving local authorities an income stream to borrow against, according to a new report. A report by the Association for Consultancy and Engineering (ACE), says that the levy should be collected by HM Revenue and Customs and distributed to local authorities.
This, it said, “would provide an ongoing revenue source for local authorities to borrow against, which in England alone could yield up to £62bn in long-term bonds based on our estimate for ongoing revenue from this levy”.
More local authorities are encouraged to establish their own development companies, the ACE report also recommended.
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