New planning legislation for developers
There has been a lot in the press recently regarding the changes to planning legislation that have come into effect.
If you are a developer with a turnover of less than £45 million, it is important not to overlook the amendment to The Community Infrastructure Levy Regulations.
New regulations 72A, 72B and 72C are inserted into the 2010 Regulations. These enable developers with a turnover of less than £45 million, who is required to make a CIL payment during the “material period”, to make a request to the collecting authority to:
► Defer that CIL payment if they are experiencing financial difficulties for reasons connected to the effects of COVID-19;
► Credit interest accrued on late CIL payments.
The material period began on 22 July 2020 and ends at midnight on 31 July 2021.
A deferral request must be considered by the collecting authority within 40 days of receipt. If the request is granted, the CIL payment can be deferred for no more than six months beginning with the date on which the request was received.
While a referral is being considered, no surcharge under regulation 85, or late payment interest under regulation 87, will apply.
Interest accrued during the period from 21 March 2020 until the time when the collecting authority starts to consider a deferral request may be credited of the authority considers it appropriate and an interest request is made.
A person who makes a request must provide the collecting authority with any relevant information that the collecting authority requires to carry out its functions under regulations 72A and 72B. The collecting authority may refuse to grant a request if it is not provided with the required information.
If you would like advice about this important change, or any aspect residential property development, then please get in contact with our specialist team by emailing Emma Hipkiss, or call us on 0800 118 1500 to find out how we can help.
For more information please contact us