Re: Re: Smithfield Market Development

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Private cash was invested in the area that otherwise might have gone abroad.

This is an often repeated claim but I’ve never heard an argument towards why this might happen. If anything, you’re more likely to get doubly screwed by tax if you derive some of your income from foreign investments.

Let’s say, for the sake of argument, that there are 200 units in the new development in Smithfield with an average value of 400K. Assume a 90% qualifying cost yielding a total of 72 million worth of section 23 allowance which will be drawn down over the next few years by the landlords.

If you had designated that 72 million of grant aid was available for apartment construction in Smithfield then at the very worst you could achieve the same result (lining the pockets of the builders/landowners) without biasing the market in favour of rental use for the property. If you had any imagination you could apply a host of conditions on that particular development in order to qualify for the grant aid.

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