Landlords wish for buy-to-let tax relief to stay

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Landlords’ number one wish is for the government to keep buy-to-let tax relief on mortgage interest payments this year according to a poll by Simple Landlords Insurance.

Almost half (47%) of landlords said planned tax increases represented their top concern for the New Year.

An end to higher stamp duty charges followed closely, while a reduction in capital gains tax was the third major concern.

Jenny Mayes, insurance marketing manager at Simple Landlords Insurance, said: “We strongly urge Chancellor Philip Hammond to listen to landlords’ concerns.

“Landlords should be supported and recognised for their contributions in providing affordable housing, rather than burdened with unfair tax measures.

“These measures will see them having to take considerable cuts to their income and being forced to pass some of this to their tenants.”

Starting in April, tax relief on mortgage interest will be phased out and will continue to fall over the next three years.

By 2020 landlords will be taxed on their income and for some, this could push them into a higher rate tax bracket.
However despite the concerns listed by the survey, 36% of respondents were confident about the year ahead.

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Written by: Houseladder