NLA Budget recommendationsMake Text Bigger
Ahead of the Chancellor’s next budget on the 22nd of November the National Landlords Association (NLA) has made representation to HM Treasury focusing on support for investment in the Private Rental Sector (PRS) and implementation of the Homelessness Reduction Act.
The summary of the recommendations are:
1) Embark on an immediate review of the removal of finance cost relief for private landlords
2) Introduce 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.
- Properties that are eligible and suitable for sale to existing tenants.
3) Introduce measures to facilitate the tax-efficient movement of a letting portfolio into a corporate structure.
4) Establish a government-backed investment vehicle to allow the sale of properties into a managed fund.
5) Reintroduce the Landlords’ Energy Saving Allowance (LESA), and establish a level sufficient to improve the tax efficiency of carrying out relevant works.
6) Set LESA at a level sufficient to improve the tax efficiency of carrying out works
7) Fund the expansion of Help to Rent nationwide
8) Establish a national deposit guarantee scheme for the private rented sector
9) Remove the Capital Gains Tax surcharge for property sales
10) Introduce Capital Gains Tax tapering and business asset rollover relief for private residential property which is let.
11) Abolish the Stamp Duty Land Tax levy on additional property
To download the full NLA Budget submission to the Treasury please Click Here
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.