Homeowners near Crossrail 2 stations could face a property tax

Ryan Bembridge

May 11, 2018

People living near Crossrail 2 stations could be hit by a new tax under a proposal from Transport for London.

Estates Gazette reported that people owning residential or commercial property within one kilometre of stations could be in the firing line. There could be three circular zones around each station, with the charge reducing further away from stations.

However a Transport for London spokeswoman played down the likelihood of new homeowners in such areas having a tax imposed on them.

She added that TFL currently doesn’t have the powers to make such a tax happen, while this is one of a number of proposals when it comes to funding Crossrail 2, which should cost £31bn.

A TFL statement said: “As part of our overall infrastructure investment work, TfL published a land value capture report last February setting out the uplift in value benefits along the route and how people might help contribute towards the cost of a scheme.

“Any new land value capture proposal would need to be carefully considered and new powers granted.

“In response to the government’s call to make Crossrail 2 more affordable we have been continuing our work to reduce the cost of the scheme through savings in the design and delivery in order to ensure best value for money.

“We have been working closely with the DfT on the proposals and are assisting with the Independent Affordability Review currently underway.”

James Chidgey, new homes relationship manager, Mortgage Advice Bureau, said: “This is an interesting twist on land values for homes close to major transport links, which we know increases their attraction to buyers.

“Whether this proposal will ever fly is another question, but it is a potential solution we will hear more about in future, as a funding source for major government expenditure.”

The full list of Crossrail 2 stations is as follows: Broxbourne, Cheshunt, Waltham Cross, Enfield Lock, Brimsdown, Ponders End, Angel Road, Northumberland Park, Tottenham Hale, Wood Green, New Southgate, Alexandra Palace, Turnpike Lane, Seven Sisters, Dalston, Angel, Euston St. Pancras, Tottenham Court Road, Victoria, King’s Road Chelsea, Clapham Junction, Balham, Tooting Broadway, Wimbledon, Motspur Park, Worcester Park, Stoneleigh, Ewell West, Epsom, Malden Manor, Tolworth, Chessington North, Chessington South, Raynes Park, New Malden, Berrylands, Surbiton, Thames Ditton, Hampton Court, Norbiton, Kingston, Hampton Wick, Teddington, Fulwell, Hampton, Kempton Park, Sunbury, Upper Halliford and Shepperton.

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