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Hammond urged to 'delete all and start again' on buy to let taxes


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Hammond urged to 'delete all and start again' on buy to let taxes

New Chancellor Phillip Hammond has been urged by an industry trade group to reset the government’s approach to taxing the buy to let sector.

His predecessor George Osborne introduced a raft of controversial tax changes for the sector - notably a three per cent stamp duty surcharge on the purchase of buy to let properties, the phased reduction of mortgage interest tax relief, and changes to the Wear and Tear Allowance - and now the Residential Landlords Association wants a rethink.

The RLA says that these measures are forcing some landlords to sell up and are stifling investment by others, making it more difficult for many people to find suitable housing and will push up rents for those in rented accommodation.

“Access to decent, affordable homes to rent is vital to supporting a flexible labour market, and ensuring that young people and families have a place to live” says Alan Ward, chairman of the Residential Landlords Association.

“Whatever the new government does to support home ownership, demand will continue to increase for homes to rent. The new Chancellor has an important opportunity to reverse recent punitive tax changes and support the majority of landlords who are providing good housing to their tenants to invest in the new homes we need.”

The RLA represents 40,000 private sector residential landlords in England and Wales.

David Rogers

15 July 2016 10:37 AM

Well George Osbourne could not really have gone back on his doing so what an opportunity

phil dillon

15 July 2016 17:36 PM

And add CGT to that list as well no reason Property should be 10% more than everything else.
Osborne was a complete fool and he has cocked up the Economy big time. I have no idea what Hammond s credentials are but lets hope he has the balls to undo this ridiculous attack on PLS

Brit Sixteen Sixty Four

15 July 2016 19:59 PM

Yes landlords may not like the changes but they are extremely popular with a country as a whole and especially first time buyers.

Just think of the first time buyer perspective. Landlords targeting all the typical first time buyer properties, they have take advantages, more money. Then landlords are bailed out after the credit crunch with record low mortgage rates yet keep on putting up rents despite having lower costs. The priced out first time buyers then spend all their wages on rents and can't afford to save enough for a house deposit.

I don't often agree with George Osbourne but he was right to curtail the unfair advantage of buy to let after the damage it is doing to society.

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