Boris wants to keep property tax in London

BORIS Johnson will tonight call on the government to let London retain the tax charged on property sales in the capital, so he can use the money to stimulate housebuilding in the capital.

The Mayor will tell the Chartered Institute of Housing that if City Hall took control of all the stamp duty receipts raised on London property sales – worth up to £1.3bn a year – it would provide a secure funding source for a 25-year plan to build up to a million homes in the capital.

“What is needed now is a radically different approach which optimises City Hall’s role, unlocks the potential of the capital’s boroughs, allows developers including housing associations to up their game and creates a stable supply of land for housing,” Johnson will say.

Writing in today’s City A.M. deputy mayor Richard Blakeway says control of the income would allow City Hall to “tackle London’s housing challenges with creative, longer-term measures” such as boosting transport links to development sites, expanding first-time buyer products, and ensuring stalled building projects are brought to the market.

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