NLA have submitted their wish list to the Treasury ahead of the Autumn budget
10th October 2017
A wish list has been submitted to the treasury by the NLA (The National Landlords’ Association) ahead of the Autumn budget. The list outlines serious issues currently being faced by the rented sector and the impact they have on housing.
The Autumn budget will be published on Wednesday 22 November 2017. As most of you will already know, the Chancellor of the Exchequer, Philip Hammond announced in his Autumn statement 2016 that there will only be one fiscal event each year, held in the Autumn. From 2018 there will also be a Spring statement responding to the OBR forecast, but no major event.
The NLA’s intentions are to ensure that investment in private rented property is better supported by fiscal and economic policy, and that the future Homeless Reduction Act is bolstered with sufficient funding. A stand-out request put forward by the NLA, is to introduce a ‘Capital Gains Tax reduction’ package. The purpose of these measures is to encourage the sale of poorly performing investment properties, properties invested in and utilised for more than 10 years, properties that are eligible and suitable for sale to existing tenants, and properties where the sale proceeds will be entirely reinvested back into the lettings business.
Other interesting proposals are to introduce measures to facilitate the tax-efficient movement of a letting portfolio into a corporate structure, establish a government-backed investment vehicle to allow the sale of properties into a managed fund, and abolish the Stamp Duty Land Tax levy on additional property.
The full submission can be seen on the links below however we feel the likelihood of these representations being approved by parliament are extremely low.
Source – https://www.landlordzone.co.uk/news/nla-submits-wish-list-treasury-ahead-budget
Source – https://www.landlords.org.uk/sites/default/files/2017-09/NLA%20Budget%20Submission%20-%20September%202017%20%28final%29.pdf
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