This update from the Treasury brings some clarity about who will be considered to be a 'developer' under this new levy. It will apply to profits from housing development greater than £25m. Welcome news no doubt to smaller developers and contractors who fall under the threshold.

How this tax will eventually be implemented is not yet known. The Treasury will have a tricky task balancing the obvious need to remedy unsafe cladding against developers having to add this cost to the other cost increases in their supply chains. Will this impact on political aspirations to increase housebuilding?