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Government Issue Response To Tax Relief Petition

Government Issue Response To Tax Relief Petition

Government Issue Muted Response To Tax Relief Petition

The Government has published a response to the online petition that opposes the proposals to change the amount of tax relief on buy to let mortgages announced by the Chancellor, George Osborne, in the post election summer budget.

From April 2017 onwards landlords will only be able to claim the basic rate tax relief rather than the higher rate tax relief on buy to let mortgage payments. It is widely feared that the move will severely affect the profitability of the private rented sector (PRS).

The online petition to reverse the planned tax restrictions on individual landlords has attracted more than 23,600 signatures since being posted.

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Change in Capital Gains Tax Rules for Non-UK Resident Landlords

Change in Capital Gains Tax Rules for Non-UK Resident Landlords

Change in Capital Gains Tax Rules for Non-UK Resident Landlords

Last month – 6th April 2015. the legislation concerning Capital Gains Tax (CGT) for Non-UK resident landlords came into force, which may seriously affect Non-UK property owners when it becomes time to sell their property assets in the UK.

Any sale of residential properties in the UK concluded before the date of the legislation change, whether the property concerned was a main residence or an investment property and owned by Non-UK resident, should not incur any additional tax charges. 

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UK Property Investment Increases 8% In A Year

UK Property Investment Increases 8% In A Year

UK Property Investments Rise By 8% During 2014

UK property investment is booming again, thanks in part to the Government changes to the way pensions are controlled. The changes allow interested property investors to release pension funds for property purchases early, because bricks and mortar continue to offer a greater return than pension funds currently provide.

Property investment in the UK is becoming even more popular with the number of property investors increasing by 8% during the past year, according to data recently released by letting agent, Ludlow Thompson, with landlord numbers rising to approximately 1.63 million controlling approximately 3.1 million private rental sector (PRS) properties in the UK. 

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UK Has 3rd Highest Housing Costs In Europe

UK Has 3rd Highest Housing Costs In Europe

New data released by the European Union has been highlighted by the housing and homeless charity Shelter, showing that the UK is the third worst off country in Europe when it comes to housing costs behind Denmark and Greece.

The EU says that 16.5% of people in the UK are financially burdened by housing costs, spending more than 40% of their income on rent or mortgage payments and other property related expenses.

Chief Executive of Shelter, Campbell Robb, said: “These figures are the evidence that the UK housing market is deeply dysfunctional. With so many families spending huge amounts of their income on their rent or mortgage, people will be making daily trade-offs between food bills, filling the car tank with petrol, and paying their housing costs. And this is not set to get better any time soon. While the situation is bleak at the moment, a succession of governments failing to provide much-needed affordable homes means that the future facing our children and our children’s children is only set to get worse. Housing is the largest monthly cost for most people, yet the affordability of housing is not getting the same attention as the monthly costs of other essentials such as food or fuel. We believe all political parties must recognise that solving our housing crisis is as fundamental as health and education.”

Landlords of Buy-To-Let properties are urged to set realistic rental prices for their properties but even they have high running costs to pay for as well as the mortgage.

However, Private Rented Sector (PRS) landlords are in a position to help struggling tenants by offering them a safety net when it comes to being able to pay the rent.

Rent Guarantee Insurance offered by Legal 4 Landlords can ensure that the rental income can continue to be paid should the tenants financial or employment circumstances change.

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