Windfall tax fears prove a damp squib — so far

The 2009 windfall tax rate of 80% feared by landowners has proved a damp squib so far.

It applies to the portion of the profit or gain on a disposal of land which is attributable to a rezoning.

The tax is payable where both the rezoning and the disposal of land giving rise to the windfall happen after Oct 30, 2009 (or after Feb 4, 2010, in the case of a “material contravention” decision by a local authority).