With the Budget date set, the National Landlords Association (NLA) is the first industry trade body to put forward its recommendations to the Government.
Chancellor of the Exchequer Philip Hammond is scheduled to present the Budget to Parliament on 29th October 2018, and the NLA has issued measures it would like to see enforced.
The key focus is on Capital Gains Tax, and there is a request for the surcharge to be removed when selling property.
Crucially, and perhaps unsurprisingly, it calls for the additional 3% stamp duty levy on extra properties to be abolished.
The NLA also requests a review into the phasing out of mortgage tax relief, asking the Government to consider whether this measure has done more harm than good to the buy-to-let market.
Meera Chindooroy, Policy and Public Affairs Manager at the NLA, said: “Landlords are running a business, but the Government refuses to acknowledge that and treat them appropriately. If they want landlords to continue to provide homes, and fill the gap in social housing, they need to properly incentivise landlords to remain in business.”
The recommendations aim to boost investment in the buy-to-let market while improving the level of support available to landlords so that they are incentivised to provide the homes needed. With rental demand still high in London, the NLA hopes such measures will be taken into consideration.
Click below to read more about the NLA’s recommendations:
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