If the Government is determined to press ahead with the planning gain supplement (PGS), in the teeth of opposition, it should make major changes, the ~Royal Institution of Chartered Surveyors~ said.
Government assurances that a ‘significant majority’ of revenues from its proposed new tax on development land would fund local infrastructure have not proved persuasive (Surveyor, 9 February). RICS has now suggested that the advantages of section 106 agreements, which provide certainty over the funding of infrastructure, is retained, otherwise development would be stymied and PGS values hit. If the Treasury has to collect and redistribute revenues, this should be done on a consistent basis, at regular intervals.
RICS spokesman Brian Berry was hopeful that the Government would rethink running the system ‘like the National Lottery, with money coming in centrally, and then distributed to worthy causes’.
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