Community Infrastructure Levy: key facts
Community Infrastructure Levy (“CIL”) is a form of tax levied by a local planning authority or public body e.g. the Mayor of London, (a “charging authority”) on commencement of development of land. It can apply to freehold property and to leaseholds for more than seven years.
Where property is:
- about to be developed; or
- has recently been developed; or
- has been held by a charity since development
and CIL was introduced for the locality before the development began it is essential to check whether CIL applies.
If it does, there is a compliance regime as well as a payment obligation. Owners, developers and financiers of development property should check their exposure. (Although charities are exempt, there can be a “clawback” payment when the charity sells.)…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
Click on the link above to download briefing.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
Insolvency proceedings were opened in respect of the assets of a German resident; the liquidator then sought to set aside a transaction that had been entered into with a resident of Switzerland.
As of 1 October 2012, transfers of majority shares in a private limited liability company in Slovakia have become more complicated.
Analysis from The Lawyer
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world
Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town