asked the Secretary of State for the Environment what impact he expects the abolition of development land tax to have on the redevelopment of urban land held by public bodies; and if he will make a statement.
The abolition of development land tax has been welcomed by the building and development sectors. Its abolition will encourage land owners, including those public bodies hitherto liable to pay this tax, to sell more land or to undertake its development. This would particularly apply to sites where the development value likely to be realised is large. Some sites of this kind are in Urban areas.