Landlords’ wish-list of recommendations ahead of Budget
The National Landlords Association (NLA) has made a series of recommendations to HM Treasury ahead of Autumn Budget Statement, which will be delivered on November 22.
The Association is urging the Government to ensure that its fiscal and economic policy ‘better supports investment in private rented property’ and calls for funding to ‘facilitate the implementation of the Homelessness Reduction Act.’
It recommends that the Government immediately reviews the removal of finance cost relief for private landlords.
It is calling for a package of Capital Gains Tax reduction measures to encourage the sale of poorly performing investment properties, properties where the proceeds of the sale will be entirely reinvested into the lettings business, properties invested in, and utilised, for a period of more than 10 years and those that are eligible and suitable for sale to existing tenants.
The NLA also wants measures to facilitate the tax-efficient movement of a letting portfolio into a corporate structure, and to establish a government-backed investment vehicle to allow the sale of properties into a managed fund.
It wants the Landlords’ Energy Saving Allowance (LESA) to be reintroduced, and establish a level sufficient to improve the tax efficiency of carrying out relevant works.
Other measures include funding the expansion of Help to Rent nationwide, establishing a national deposit guarantee scheme for the private rented sector and removing the Capital Gains Tax surcharge for property sales by introducing Capital Gains Tax tapering and business asset rollover relief for private residential property which is let.
Finally it is calling for the abolition of Stamp Duty Land Tax levy on additional property.