Businesses that received a loan through the payment protection program can still qualify.For 2020, the limit was $5,000 per employee per year while for 2021, the cap is $21,000 per employee per year.The employee retention credit helps qualifying employers keep their people on the payroll with a payroll tax credit.Please contact any of our following local authority housing experts or your other contacts in Trowers & Hamlins. No doubt other issues will come to the fore and we will be pleased to help address these. Devising an acquisitions strategy based on the new restrictions and exclusions.How the new First Homes scheme suits local demand – and if it does how MHCLG envisage the new rules applying to it.The demand for shared ownership homes in their areas – bearing in mind that MHCLG is promising guidance on the treatment of shared ownership receipts. ![]() Reworking their planned expenditure – to take advantage of the additional two years – and the switch from quarterly to yearly deadlines.Revisiting previous scheme calculations – could receipts be 'liberated' by the higher (40 per cent) cap to pay for more qualifying homes?.the additional tenures and acquisitions.įrom our discussions with clients so far we expect local authority officers will be considering: As noted above, there will be guidance on certain technical issues, i.e. The introduction of annual returns and payments will require amendments to the Capital Finance Regulations. MHCLG will amend the current Retention Agreements and introduce new requirements from 1 April, except for the acquisitions cap which (as noted above) is being phased in from the following year. Details will be confirmed before the cap is introduced. On the other hand, acquisitions which add to overall housing supply will be excluded from the cap – including acquisitions from an authority's housing company and the acquisition of commercial buildings to be redeveloped as housing as part of a regeneration programme. MHCLG wants to limit the purchase of existing housing, especially open market acquisitions. The first 20 units each year will be excluded. This will be phased in: 50 per cent in 2022/23, 40 per cent in 2023/4 and 30 per cent from 2024/25 onwards. ![]() "a percentage of a local authority's total delivery each year using Right to Buy receipts".
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