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ARTICLE · 30 NOVEMBER 2010

TIF: A New Way To Fund Infrastructure?

Charles Russell Speechlys LLP
Charles Russell Speechlys LLP
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Charles Russell Speechlys LLP

Charles Russell Speechlys LLP

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Nick Clegg announced at the Liberal Democrat Party Conference that Tax Increment Financing (TIF) would be available to local authorities as a method of funding infrastructure works, seen as vital to unlocking new development.

United KingdomGovernment, Public Sector
Carly Arthur
Carly Arthur
Emma Humphreys
Emma Humphreys

Nick Clegg announced at the Liberal Democrat Party Conference that Tax Increment Financing (TIF) would be available to local authorities as a method of funding infrastructure works, seen as vital to unlocking new development. The necessary powers will be included in the promised Localism Bill which is due to be published early next year.

Whilst developers may be forgiven for treating the announcement with a degree of caution after the successive regimes of section 106 payments, community infrastructure levy (CIL) or roof tax and the threatened but un-implemented planning gain supplement, the TIF model has been successfully employed in America. Essentially the structure allows local authorities to borrow (typically by way of a bond issue) against the predicted increased local business rates which will arise out of a new commercial development enabled by the infrastructure works. The proceeds of the borrowing can be utilised to fund the infrastructure works required to

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