15th
Sep 2023
Whichever party that gets into power it must treat the private rental sector as a major supporting partner in its housing policy.
This is the view of the head of a trade organisation who is calling on all MPs irrespective of their ‘colours’ to debate and change private rental landlords’ taxing policies.
Daniel Evans of the association says the landlords’ taxing regime is the biggest reason why there are so many landlords leaving the sector.
He calls for the government to rescind the recent tax changes which along with cost of living and mortgage increases is making their livelihood unprofitable.
Evans says: “Landlords have been singled out and are now being hammered for tax. Every landlord is hit by other rising charges, like the cost of maintenance and repairs and the extra expense of new energy efficiency regulations, but it is the landlord tax policy which hurts them the most – no other business is taxed in this way.”
His comments come at a time as Labour has just highlighted the housing crisis as a priority for the general election when appointing Angela Rayner - Shadow Deputy Prime Minister – as the new Shadow Housing Secretary.
He warns politicians that the tax issue will becomes a disaster for ongoing rental supply and housing accommodation.
From the moment of buying a property to let landlords are taxed from day one and under the present tax policies are taxed at every stage of the property’s rented life.
The tax measures in England and Northern Ireland start with an extra three per cent Stamp Duty on any buy to let purchase, no mortgage tax relief and the reduction of Capital Gains Tax personal allowances, similar to Wales and Scotland.
Evans says: “Our senior politicians have to understand that the PRS is in crisis right now and it is a special case.
“There is a chronic undersupply of homes all over the UK and landlords continue to sell up which will only serve to make the situation worse for tenants.
“All they’re asking for is a level playing field on which to conduct their business. That can’t be too much to ask, can it?”
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