RE: Off topic > for Slugmum11 Oct 2023 12:34
Landlords leaving in droves due to tax policies
by Property118.com News Team
11:03 AM, 5th September 2023, About a month ago 11
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Landlords leaving in droves due to tax policies
An industry body is urging all politicians to have an urgent re-think on tax policy for landlords.
The Association of Inventory Clerks claims the recent tax rule changes are a major reason why landlords are leaving the private rented rector.
The industry body argues that landlords are being treated unfairly over current tax arrangements. In England and Northern Ireland, at the point of purchase, landlords must pay an extra 3% of Stamp Duty Land Tax on any buy-to-let.
Hammered for tax
Daniel Evans, chair of the Association of Independent Inventory Clerks, says landlord businesses have become unprofitable.
He said: “Landlords have been singled out and are now being hammered for tax. It’s been open season on them for far too long and the PRS has suffered untold damage because of it.
“They are leaving in droves – even though rents are rising. That can’t be right. Their profits are all going to the tax man.”
PRS is in crisis
Mr Evans says that landlords have been hit by rising charges unfairly.
“Every landlord is hit by other rising charges, like the cost of maintenance and repairs and the extra expense of new energy efficiency regulations, but it is the landlord tax policy which hurts them the most – no other business is taxed in this way.”
Political parties will soon be starting their party conferences with housing on the agenda. Mr Evans says that politicians need to know that undersupply will only continue to worsen.
Mr Evans continued: “Our senior politicians have to understand that the PRS is in crisis right now and it is a special case.
“There is a chronic undersupply of homes all over the UK and landlords continue to sell up which will only serve to make the situation worse for tenants.
“All they’re asking for is a level playing field on which to conduct their business. That can’t be too much to ask, can it?”
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