18th
Aug 2023
A trade body says a ‘simple tax change’ would help landlords afford making EPC property upgrades.
The trade body has joined a group of organisations that has written to Chancellor Jeremy Hunt urging him to encourage landlords in improving their properties’ energy efficiency by giving them a tax incentive.
The letter recommends the government to offset landlords costs for energy performance upgrades against rental incomes it would make it far more worthwhile to landlords.
The government has already made known it is considering that from 2028 all rental properties must have an EPC C rating.
The trade body says: “There is a compelling case for boosting energy efficiency in the private rented sector.
“Other countries, including Scotland, have already introduced tax incentives and green loans to support higher standards.”
Currently landlords are able to offset against tax the costs of legal fees, property management, utilities, maintenence and upkeep, replacing furniture, insurance, utilities and ground rent, however there are no tax savings for upgrading energy efficiency.
The trade body warns the government: “A simplified exemptions regime and additional financial support must be made available to property owners otherwise the measures in their current form will not be achievable.”
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