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April 12, 2012

TIF Prospects after Budget 2012

 PLRG's second free talk of 2012 is next Wednesday at UCL's Bartlett School of Planning (Room 401, Wates House, 22 Gordon Street, LONDON WC1H 0QB) on the subject ...

Towards TIFs: Prospects and Pitfalls.

The speaker is Nick Maltby, partner at Bircham Dyson Bell (BDB) - a leading law firm specialising in property development.

Tax Increment Financing (TIF) is a device for funding infrastructure development from the future property-tax revenue that it is expected to have created. It is commonly used in the US. The Labour Government signed up to it and now the Lib Dem / Conservative Coalition have adopted it here. It is already being used in Scotland but no TIF-funded projects have yet been instigated south of the border.

This talk will explain how TIFs work in America and what the UK and Scottish Governments are doing that is different. Maltby will outline the kinds of project where TIF funding is appropriate and how the parties to such projects (public and private sector) need to act to take them forward.

In last month's Budget, the Chancellor announced that £150 million would be available in 2013-14 for projects in the 'core cities'. This indicates that, although Business Rate revenue is supposed to be largely devolved to local authority control from 2013, Treasury plans to retain control over how any increased revenue from TIF projects is allocated. Otherwise, why not say "Let TIFs happen"!?

How will TIFs sit alongside other reforms in the October 2010 Local Growth White Paper? This said TIF would require legislation, to give new borrowing powers. Maltby has said no new legislation is needed. He has also expressed disappointment at the slow pace of the Coalition's moves towards TIFs.

BDB's July 2011 briefing on TIFs is an excellent preparation for Maltby's latest, exclusive take on the prospects for TIFs in England - which participants in next week's talk at Bartlett School of Planning can hear. To register your place, simply email tony@landvaluescape.org. Space is limited and priority will be given to PLRG paid-up members. Join at the event (subscription is £10 per year).

These talks are a partnership between PLRG and the OMEGA Centre at UCL.

 


Posted by Tony Vickers at April 12, 2012 9:58 PM | TrackBack

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