The Society of Mortgage Professionals (SMP) has announced that it will deliver a CPD event programme dedicated to buy-to-let following the sector’s recent changes.
Former chancellor George Osborne introduced a number of measures which will impact buy-to-let mortgages, including a 3% surcharge for those acquiring buy-to-let property, while the amount landlords can claim in mortgage interest relief will be limited to the basic rate from 2017, which will eat into many landlords’ rental returns, especially higher and additional rate taxpayers.
Additionally, the 10% Wear and Tear tax relief for landlords who rent out furnished homes was scrapped earlier this year, leaving landlords free to only claim for the amount that they have spent.
The SMP’s campaign will begin in October with a series of five regional roadshows at Haydock Racecourse on Tuesday 4th October, followed by East Midlands on Wednesday 5th October, Southampton on Thursday 6th October, London on Monday 10th October and Belfast on Tuesday 11th October.
They will include a session on complex buy-to-let and how to cater for the needs of portfolio landlords, delivered by Connect for Intermediaries chief executive Liz Syms.
There will also be a webinar on 26 October featuring Legal and General Mortgage Club director Jeremy Duncombe, who will provide an overview of the current state of the buy-to-let market, followed by a briefing by David Kilshaw, tax partner at Ernst & Young’s private client group.
To complete its buy-to-let focus the society has confirmed that three specialist workshops will take place in London on 25 October, Leeds on 27 October and Birmingham on 28 October.
The all-day sessions will cover a range of topics, including the buy-to-let landscape, taxation rules and the calculations involved and the likely impact of all the buy-to-let changes on first-time buyers as well as other areas that are of interest to advisers.
Lee Travis, head of professional development at the SMP, said: “Buy-to-let has gone through some very significant changes this year and we do not think we have seen the last of them.
“From 2017, higher and additional rate tax-paying landlords will no longer be able to claim full tax relief on the interest payments made on their BTL mortgage.
“Although this will be a phased adjustment and not fully implemented until 2020, it is vital that advisers are aware of what’s on the horizon, as advice given now could have huge ramifications on a client’s future tax position.”