Scottish Association of Landlords representatives take tax case to The Treasury

by Property 118

9:28 AM, 16th September 2015
About 3 years ago

Scottish Association of Landlords representatives take tax case to The Treasury

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Scottish Association of Landlords representatives take tax case to The Treasury

Scottish Association of LandlordsScottish landlords will today meet with senior UK Government officials in London to urge them to rethink planned tax changes for private landlords or risk threatening investment in the Private Rented Sector (PRS) at a time when Scotland is facing a long-term housing crisis.

Representatives from the Scottish Association of Landlords (SAL) will meet with senior Treasury officials in London to point out the consequences of the changes announced in the Budget in July.

In his Budget Statement, the Chancellor has proposed reducing tax relief on buy-to-let mortgages and replacing the current “wear and tear” depreciation allowance for items such as furniture. These changes will significantly increase costs and result in reduced investment and upgrading of properties, or some landlords exiting the market altogether.

In his Budget Statement, the Chancellor has proposed reducing tax relief on buy-to-let mortgages and replacing the current “wear and tear” depreciation allowance for items such as furniture. These changes will significantly increase costs and result in reduced investment and upgrading of properties, or some landlords exiting the market altogether.

“Even the numbers put forward by The Treasury, which claim only 1 in 5 landlords will be affected by the tax changes, represents a huge swathe of the sector. We believe, when taking the changes to ‘wear and tear’ in to account, the actual number will be a lot higher.”

“We have heard just last week in the press from a landlord in Edinburgh about how these tax changes will make it harder for families on benefits to find accommodation in the private sector, increasing demand on council housing which is already over-subscribed across Scotland.”

“Both SAL and our members are in favour of ensuring the highest possible standards in the sector and are working with the Scottish Government to achieve that but these measures could see landlords forced to pass at least some of the burden on to tenants in the shape of increased rent which they don’t want to do.”

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Comments

Dr Rosalind Beck

9:18 AM, 19th September 2015
About 3 years ago

Anyone know what happened at the meeting?


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