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Hammond Urged to "Delete All and Start Again" on Buy-to-Let taxes

Tuesday, 19th July, 2016

Seldom have we seen a week like last week in British politics.

David Cameron has gone. We have a new Prime Minister in Theresa May. But, perhaps even more importantly to those of us involved in the letting industry, we also have a new Chancellor.

With Chancellor George Osborne kicked out of the Cabinet we now thankfully have Philip Hammond.

The new Chancellor is already being urged by an industry trade group - The Residential Landlords Association - to rest the government's approach to the Buy-to-Let sector.

 His predecessor George Osborne introduced a raft of controversial tax changes for the sector - notably a 3% stamp duty surcharge on the purchase of buy to let properties the phased reduction of mortgage interest tax relief, and changes to the Wear and Tear Allowance - and now the Residential Landlords Association wants a rethink.

The RLA says that these measures are forcing some landlords to sell up and are stifling investment by others, making it more difficult for many people to find suitable housing and will push up rents for those in rented accommodation.

"Access to decent, affordable homes to rent is vital to supporting a flexible labour market, and ensuring that young people and families have a place to live" says Alan Ward, chairman of the Residential Landlords Association.

"Whatever the new government does to support home ownership, demand will continue to increase for homes to rent. The new Chancellor has an important opportunity to reverse recent punitive tax changes and support the majority of landlords who are providing good housing to their tenants to invest in homes we need."


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