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Chancellor Philip Hammond is blasted for failing to act on ‘punitive tax changes’

Chancellor Philip Hammond has been slammed by Belvoir for failing to address taxes on buy-to-let landlords imposed by his predecessor George Osborne.

Despite pressure from the property industry, including landlords, housebuilders, as well as estate and letting agents, to reverse some deeply unpopular tax reforms introduced by the previous Chancellor George Osborne, Hammond chose to largely ignore the issues.

The only real good news is the fact that Hammond did not introduce any new property taxes for private landlords in his Budget statement. 

But Dorian Gonsalves, chief executive officer of Belvoir Lettings, said he was disappointed there was no action on what he described as “punitive tax changes” introduced by Osborne in the 2015 Budget. 

Gonsalves said: “Lack of a deposit and affordability are certainly not the only factors that are driving tenant demand and yet in many ways this Budget seemed almost to put an unhealthy emphasis on homeownership.

“Many young people simply do not want the commitment of a 25-30 year loan.

“Also many young tenants are students, or prefer the flexibility of renting to enable them to work in different locations.” 

Hammond revealed government plans to review whether landlords should be offered ‘incentives’ to offer tenants longer tenancy agreements.

But while some buy-to-let investors are supportive of longer-term tenancies, many are disappointed that the Chancellor failed to address calls for tax incentives for landlords

“We presume a new white paper will be published in the new few months, which will address these measures and demystify the Chancellor’s comments about long-term tenancies,” Gonsalves added.

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    Dorian is clearly upset that the wealth of his clients is affected by giving the future of our country the opportunity to build their own portfolios. Most of the reason we overheated in 2007 was Dorian's clients building their portfolios via self cert mortgage fraud. Maybe, we have an administration who regards the future of our children as a priority or maybe just a vote winner.

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    • 02 May 2018 12:32 PM

    What rubbish.

     
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    “Many young people simply do not want the commitment of a 25-30 year loan."
    I've seen this so many times in various iterations and never backed up by a reference.
    Whilst there are no doubt people that need the flexibility of renting, why people like this try to make it look like they're in property to provide hard up millennials with homes is beyond me? How about just admitting that you're in it for the money and recent tax changes are affecting the bottom.

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    • 02 May 2018 12:33 PM

    Of course we're in it for the money are you on drugs ? Why do you goto work?

     
  • Don Holmes

    I would be interested in what and how Barry ernes a living, does he do it for Love? No we are all in it for what we can erne including Barry. And in relation to a "reference" I have had an interview only today with a couple of millennials who have absolutely no interest in taking on a long term mortgage loan, as they are still struggling with the student loans and reiterated the need of flexibility.
    Why is it when people work hard to generate wealth and offer jobs, they are denied it when they do??

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    Don

    Do yourself a favour and learn to spell. Since you are dealing with probably the largest asset anyone owns at least show you have a bit of a brain between your ears you dimwit.

    It is spelt earn as in earnings.

     
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