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Land value tax could hinder plans

NEWS

TAX PLANS for proper ty development could stall affordable housing projects, the Royal Institution of Chartered Surveyors and British Property Federation have warned.

The Planning Gain Supplement proposed by the Office of the Deputy Prime Minister is intended to tax increased land values to pay for infrastructure and housing.

But a lack of political consensus could mean landowners delay development until a new Government scraps the tax. RICS chief executive Louis Armstrong said: 'Landowners can afford to sit on land until it is most advantageous to develop it.'