The Residential Landlords Association (RLA) has issued a wish list for Chancellor Philip Hammond ahead of his Budget in March.
With many landlord groups and property experts calling for U-turns on measures announced in previous Budgets, the RLA’s wish list arrives as no surprise.
Among other changes, the RLA is calling for Philip Hammond to:
- Scrap the reduction in tax relief on finance costs for landlords, or, at the very least, apply it only to new buy-to-let mortgages.
- An exemption of the 3% Stamp Duty surcharge when a landlord invests in a new build property, refurbishes an empty home, or converts a property that adds to housing stock.
- Encourage landlords to sell properties to sitting tenants through tax breaks.
- Local authorities and local bodies, such as the MoD and NHS, to identify and sell off small plots of suitable land for building up to five units of private rental sector accommodation.
- Give landlords the opportunity to meet new energy efficiency requirements by making Energy Performance Certificate (EPC) improvements tax deductible.
- Provide modest funding to improve access to the private rental sector for the homeless.
The Chairman of the RLA, Alan Ward, says: “This is not just a wish list that will benefit landlords and tenants, but one that will benefit the economy as a whole.
“The Treasury Select Committee warned a year ago that measures taken to curb buy-to-let would come at a cost to the wider economy, and we would ask the Government to take heed of this.”
He insists: “The time for change is now, and we hope the Government will take the opportunity to grasp the nettle and rethink some of the unfair tax changes set to have a devastating impact on private rental sector landlords.”
Chancellor Hammond will deliver the Government’s Spring Budget on 8th March 2017, giving the sector plenty of time to propose further demands to the RLA’s wish list.