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India’s Top Court Clears Way To Reopen Vedanta’s Copper Smelter In Tamil Nadu

India’s top court, supreme court on Tuesday (8) declined to stay country’s environment court’s ruling setting aside an order from Tamil Nadu state government to shut Vedanta’s Sterlite Copper plant at Tuticorin.

A top court bench, headed by Justice RF Nariman, sought a response from Vedanta on the state government’s appeal against India’s environment court, National Green Tribunal’s (NGT) ruling to reopen the smelter.


Earlier, Tamil Nadu state government moved to the top court and stated that NGT had erroneously set aside rules, orders, and directions passed by the Tamil Nadu Pollution Control Board (TNPCB) in 2018 with regard to the copper smelter.

The state government also added that the tribunal had consequentially asked the state pollution control board to pass new orders of renewal of permission and issue an authorisation to manage dangerous chemicals to the Vedanta Limited.

Last month, the country’s environment court had set aside Tamil Nadu government’s order to shut down the copper smelter permanently, saying it was non-sustainable and unjustified.

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Property experts

The Treasury is considering a new tax on the sale of homes worth more than £500,000 as part of a radical overhaul of stamp duty and council tax.

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Property experts urge Rachel Reeves to scrap stamp duty ahead of budget

Highlights

  • Kirstie Allsopp tells MPs that stamp duty punishes buyers and should be abolished.
  • 40 per cent of first-time buyers now face stamp duty, rising to 80 per cent in London.
  • Treasury considering annual property tax on homes worth over £500,000 as alternative.

Chancellor Rachel Reeves is facing mounting pressure to abolish stamp duty ahead of the November (26) budget, with property experts warning that the tax is stalling the housing market and damaging economic growth.

Television presenter Kirstie Allsopp, known for Channel 4's Location, Location, Location, told the Treasury committee that buyers are 'in a panic' about potential changes and many are 'sitting tight' rather than moving house.

Tim Leunig, director of economics at Public First Consulting and former adviser to several ministers including Rishi Sunak, went further. He pointed that every single person in the country is a loser from stamp duty land tax because it restricts people from moving. The people who are the biggest losers are genuinely young people because they move more often.

However, Leunig cautioned that simply abolishing stamp duty would likely drive up house prices, particularly in London. Instead, he has proposed an annual property tax on homes worth above £500,000, with a 0.54 per cent yearly levy on home value and a higher rate for properties exceeding £1 m.

The Guardian revealed in August that the Treasury is considering a new tax on the sale of homes worth more than £500,000 as part of a radical overhaul of stamp duty and council tax.

The debate comes at a critical time for the housing market, with stamp duty currently levied on property purchases above £125,000.

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