3rd
Jun 2015
Figures released by the HMRC show the true extent of how successful the PRS is, by an extremely high increase of new landlords having joined the market.
During the tax year 2012 to 2013, 2.1 million PRS landlords contributed the Governments’ coffers, up by 40% from 1.5 million in 2007-2008.
The HMRC also disclosed that buy-to-let landlords during 2012 to 2013 were allowed £14 billion in tax breaks.
Tax relief against mortgage interest for landlords accounted for £6.3 billion in the same year; these figures were only made public after the HMRC received a freedom of information request.
As renting out property is a business the usual deductions of costs apply, such as cleaning, gardening, insurance, legal fees, maintenance, management fees and utility bills.
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