Landlord tax relief- is this happening any time soon?
7th February 2023
The National Residential Landlords Association (NRLA) is calling on the government to begin a full review of how private rented housing is taxed. Data suggests that in the fourth quarter of 2022, 65 percent of landlords said that demand for private rented housing had increased across England and Wales; this figure has increased by 9% from the previous year, which can be attributed to many market changes that 2022 hosted. Despite this recently observed increase in demand in the private renting sector, subsequent tax changes such as restricted mortgage interest relief, increased stamp duty levy and a rise in Capital Gains Tax has made it ever more difficult for landlords to grow and strategize their investment portfolio, which will inevitably affect tenants and their access to suitable properties. It is argued that the Treasury needs to undertake a comprehensive review on taxation of the rental industry to avoid the ever-prominent possibility of landlords choosing to exit the market, limiting the number of properties in this sector.
So, is there going to be change anytime soon? A recent petition to reinstate tax relief allowing mortgage interest to be set against rental income has now reached 33,268 signatures and has received an official government response to address the concerns – read their official statement here
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