NLA and RLA make joint submission to the Chancellor calling for a cohesive approach across Government policy
Article Posted - 14th February 2020
The Chancellor, Rishi Sunak, is set to present the Government's first Budget on Wednesday 11 March. The NLA and the Residential Landlords Association (RLA) have jointly made a submission to the Treasury, calling for the Chancellor to show leadership in pursuing a tax approach which aligns with the Government's wider ambitions for the private rented sector.
Our submission centres on key areas including:
- Ending tax anomalies which mean that mortgaged landlords letting to long-term tenants may pay significantly more tax on their rental income, than those in a similar position operating short term lets
- Boosting the supply of homes to rent by removing the three percentage point stamp duty levy on additional properties where landlords are adding to the net supply of housing, for example developing new properties, bringing empty properties back into use, changing use from commercial to residential, or converting large properties into smaller, more affordable units of accommodation
- Creating a market for properties with sitting tenants by removing the stamp duty surcharge on additional properties where landlords purchase a rental property with tenants remaining in it
- Supporting tenants into home ownership with an exemption or reduction in capital gains tax for landlords selling to a sitting tenant
- Incentivising landlords to improve properties through making energy efficiency upgrades tax deductible, and to make adapted properties available to tenants with accessibility for longer periods needs through capital gains tax relief
- Realigning the local housing allowance with the 30th percentile of market rents, to support more vulnerable tenants to agree and sustain tenancies in the private rented sector.
You can access our Budget submission here.
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