The chancellor’s pre-Budget report on the state of the economy, which will be delivered this afternoon, is likely to be a mixed bag for developers. Gordon Brown’s plan to legislate to introduce reits (real estate investment trusts) next year is expected to provide a boost to the property market. The government’s new raft of shared equity proposals to encourage first time buyers into the market, which will be launched in partnership with the Halifax, Nationwide and the Yorkshire Building Society, are also expected good news. But a consultation draft policy on the introduction on a planning gain supplement – a new development land tax – will not be welcomed. The industry has warned that the PGS, a tax which will be levied by local authorities on the uplift in land value resulting from a planning consent, will stifle the flow of land for residential development. The government is also said to be planning to force developers to reveal details of their stocks of strategic land. Housebuilder at www.house-builder.co.uk will this evening reveal full details of today’s announcements, including the government’s formal response to Kate Barker’s review of the market, and details of the new planning policy statement 3 (PPS3) on …