.The National Residential Landlords Association has called for a full review of how landlords and the private rental sector are taxed.
In its submission to HM Treasury ahead of this afternoon’s Budget statement, the association has supported its call with data from research consultancy BVA-BDRC showing a third of landlords are planning to sell.
At the same time 65 per cent of landlords are seeing demand increase.
The association is demanding that Chancellor Jeremy Hunt analyse the combined impact of all the recent tax changes that have been hitting landlords - the restriction of mortgage interest relief, the three per cent stamp duty surcharge on the purchase of buy to let homes and, in Hunt’s own Autumn Statement last year, an effective hike in Capital Gains Tax.
The association instead wants pro-growth tax measures to encourage landlords to remain in the sector and enlarge their portfolios.
NRLA chief executive Ben Beadle says: “From students queuing to view properties, through to benefit claimants who struggle to access homes they can afford, the impact of the supply crisis in the rental market is stark.
“The harsh truth is that the government’s efforts to discourage investment in the sector are working. But punitive taxation alongside record demand for rented housing is a disastrous combination that serves only to hurt renters – it is time to change tack.
“The Treasury needs to undertake a comprehensive review of the taxation of the rental market and introduce pro-growth measures to support renters to access the homes they need.”
Other proposals advocated by the NRKLA include a sustained programme of support for landlords and homeowners, to help them make vital energy efficiency improvements to meet Net Zero targets, and the reversal of the freeze on Local Housing Allowances (LHA) rates, which should be re-aligned to at least the 30th percentile of comparable local rents, with a commitment instead to maintaining rates at market rents.
The association also wants a full assessment of tenant support options including Discretionary Housing Payments to ensure that those affected by the cost-of-living crisis have the help they need.
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The NRLA may as well ask for world 🌎 peace ☮️…. It would be more likely to happen.
The simplest solution would be for the government to class BTL as a business 100% of the time (not just when it suits them) and tax us in the same way as EVERY other business. Telling us it's unearned income shows just how out of touch the government is. Why is it work if a painter and decorator paints a room but for a landlord it's a hobby? Why is it work when a letting agent conducts a viewing but for a landlord is a hobby? Why is it extremely tax friendly to invest in other businesses via SIPPS or ISAs but very harshly taxed if we invest in our own business?
Housing is essential. Not everyone is ready to buy for numerous reasons. Lack of job security, lack of deposit, lack of desire for all the maintenance responsibility that goes with being a homeowner, etc.
Social housing only suits some people.
So that leaves millions of people with the PRS as the most attractive option. The government needs to understand there are 3 distinct housing tenures and all of them will suit a different section of the population at any given time.
Stop demonizing and persecuting PRS landlords.
As normal you are correct Jo, but it aint ever going to happen is it ?
They can ask for whatever they want but it's obvious landlords will get no help... The message is loud and clear.. That's why I'm getting out. 👍
NRLA is a government stooge organization ! That's why it was set up ,!
Interesting the first thing Beadle refers to is "NRLA chief executive Ben Beadle says: “From students queuing to view properties" - as I understand it Mr Beadle has student properties - no wonder he pushes that issue above all the others and in particular S21 for standard BTL
Ben Beadle is highly likely to be one of very few NRLA members.
There you go, this was their opportunity to reduce inflation significantly to the lower paid & as usual the botoxed bellend missed a sitter.
Complete contempt for Landlords re S24. We all know this is the major reason for rent increases and sales which guess what, leads to less stock and more rents rising.
If you havent worked it out now then you obviously went for the blue pill
Jo. That couldn’t work we can’t be treated the same as Companies.
The whole purpose of all those Regulation’s is to disadvantage us and favour the big Companies otherwise we would be treated fairly and equally but that’s not the case and many of the rules don’t apply to them including Assured Shorthold Tenancies retained.
At the same time they want us stuck with occupants in perpetuity, does the word Discrimination still exist ?.
NRLA is not much help as it became clear they at not bothered about loosing Section 21, that was clear from the Seminar at yesterday’s Landlords Event in Billingsgate, London.
Although they are petitioning for it to apply for Students which will please some of you but not me it should apply across the board or not at all, divide & conquer comes to mind they are are full of it.
NRLA Association should stand up for all its members, what are they doing with only 100k members on total and that’s after amalgamation with 2.8m landlord out there and that took the last 40 years to achieve it, not just some or are they too busy carving out money streams for themselves pushing for Redress Schemes. We already lost our Property Deposit protection now turned into a liability and only to protect the Deposit it self and no protection for the Property which is why I do take them anymore, oh yes Register them and pay a fee and don’t make any slip up or you might end up with a re- payment Order.
I note the big boys are not doing many B2R in Wales as said obviously they are only interested in densely populated areas where they can build high, pack them in and make a killing easy money.
Michael - I'm not suggesting we should get all the perks someone with a limited company gets (highly tax efficient EV, trivial benefits and dividends), just the same treatment as any other unincorporated business (tax on profit, not turnover and for a our earnings to be classed as earned, not investment so we can contribute to a SIPP).
Excuse typo’s this little phone like to change words
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