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TODAY'S OTHER NEWS

Philip Hammond urged to scrap stamp duty and CGT surcharges

The Chancellor Philip Hammond may have only announced last week that the Autumn Budget will take place on Monday 29 October, but the National Landlords Association (NLA) has already submitted its recommendations to HM Treasury ahead of the statement, with the proposals designed to support investment in the sector and address disparity.

In summary, the NLA makes the following recommendations:

+ Embark on an immediate review of the removal of finance cost relief for private landlords

+ Introduce a package of Capital Gains Tax reduction measures to encourage the sale of poorly performing investment properties; properties where the proceeds of the sale will be entirely reinvested into the lettings business; properties invested in, and utilised, for a period of more than 10 years; properties that are eligible and suitable for sale to existing tenants.

+ Introduce measures to facilitate the tax-efficient movement of a letting portfolio into a corporate structure

+ Establish a government-backed investment vehicle to allow the sale of properties into a managed fund

+ Reintroduce the Landlords’ Energy Saving Allowance (LESA), and establish a level sufficient to improve the tax efficiency of carrying out relevant works

+ Remove the Capital Gains Tax surcharge for property sales

+ Introduce Capital Gains Tax tapering and business asset rollover relief for private residential property which is let

+ Abolish the Stamp Duty Land Tax (SDLT) levy on additional property.

Meera Chindooroy, policy and public affairs manager, commented: “We believe the government needs to consider the implications of the policies they have introduced in recent years.

“Already we have seen landlords start to sell property, which only serves to limit the amount of choice available to renters and continue to make housing unaffordable.

“Landlords are running a business, but the government refuses to acknowledge that and treat them appropriately.

“If they want landlords to continue to provide homes, and fill the gap in social housing, they need to properly incentivise landlords to remain in business.”

Poll: Are private landlords set to be disappointed by the Autumn Budget?

PLACE YOUR VOTE BELOW

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    The Tories are set to lurch to the left to attract moderate labour and angry lib dem voters. Don't expect any landlord - friendly policies any time soon. I also don't see how reducing CGT for landlords who want to bail out can help the availability of rental property. Come to think of it, that probably means it will happen!

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    pie in sky, no chance of any of that, we dig in, raise rents and carry on.

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