Myth-busting – Electrical Safety installations Act 202011:19 AM, 3rd August 2020
About A week ago 79
There is now the possibility of the Government extending its fiscal attack on the PRS, Click Here, by scrapping lettings relief of up to £40,000 and reducing the PPR period from 18 months to 6 months. The supposed quid pro quo being landlord exemptions from paying 50% of their CGT that would otherwise be payable, if they sell to ‘sitting’ [sic] tenants of 3 years’ standing who would also receive the equivalent of 50% of the CGT due as a deposit contribution.
The ‘think tank’ Onward, In its latest report, has proposed this new fiscal attack ‘include’ the two ‘tax relief’ policies, implying this could be extended to include further tax assaults on the sector. The group has previously suggested the complete disallowing of finance costs and even disallowing costs such as that of furnishings in rented houses. I have previously written about this for an article on Conservativehome titled “The Government’s attack on private landlords is misguided“.
This latest suggestion, which it is rumoured may be announced in the forthcoming Budget, is based on the idea that there are annually 88,000 tenants who would thereby purchase the rented home in which they live. The authors of the report have provided no evidence that this would transpire, other than quoting a survey finding that 9 out of 10 renters would like to own. They then make some dodgy extrapolations.
With the lack of any hard data on this, I am therefore conducting a straw poll and I would be grateful if as many landlords can answer as possible.
When answering, include all properties, even HMOs (however ridiculous this may seem). Please can you answer the 4 points in the comments section below numbering them from 1 to 4 and then give your views on this policy if you have any? We need landlords’ expertise on this as otherwise our voices will not be heard.
Please leave your answers below in comments.
Thank you very much for your assistance
Please Log-In OR Become a member to reply to comments or subscribe to new comment notifications.
Our mission is to facilitate the sharing of best practice amongst UK landlords, tenants and letting agentsLearn More