NLA Budget Submission 2017
As a membership body we are duty bound to lobby on behalf of our members interests. Therefore our budget submission, whilst once again stating our opposition to Section 24, explores practical measures the Government could introduce achieve their stated policy aims and to help our members plan for the future.
We do so being very realistic about the uphill task we face. The Government is preoccupied with Brexit whilst the country’s finances are stretched to breaking point with multiple demands and unacceptably high debt levels.
Therefore, whilst drawing attention to our past submissions in which we suggested alternatives to Section 24, in this submission we have only asked for three very specific things.
1. The introduction a CGT cut or taper: We argue this will to help facilitate the disposal of poorly performing property and diversify people’s financial investment portfolio. We have sent costings to the Treasury which show this need not be as expensive as some fear.
2. The extension of business asset rollover relief to allow restructuring of portfolios: We argue this will facilitate increased sales of property and greater mobility between tenures, whilst allowing landlords to reduce the gearing of their portfolios, thereby protecting against market shocks and improving stability.
3. The reintroduction of the Landlords’ Energy Saving Allowance (LESA): New tenancies will not be allowed to be granted for properties with Energy Performance Certificate (EPC) ratings of F or G from April 2018. Following the collapse of the Green Deal we are urging the Government to help mitigate the major capital costs over 300,000 landlords are facing in order to stay in business.