22nd March 2006, 05:56 PM
The planning gain supplement has not yet been implemented. The value of the tax has not yet been set (possibly as high as 20% of land value), but it will be administered by central govt rather than the local authority. In theory the local authority will then get the proceeds, but there are worries that the revenue will simply enter general tax revenue, or worse, that it will go to the LA to replace current infrastructure funding much as the congestion charge in London has.
Otherwise Historic Building has it right.
Otherwise Historic Building has it right.