The National Landlords Association is making only three demands on the government for its next Budget, because it recognises further reforms may be “an uphill task”.
The NLA - in a lower profile Budget submission than that from the rival Residential Landlords Association - says it continues to oppose the government’s changes to mortgage interest tax relief but admits that with Brexit and national financial issues, the government’s priorities may lie elsewhere.
“Therefore our budget submission, whilst once again stating our opposition to Section 24, explores practical measures the government could introduce achieve their stated policy aims and to help our members plan for the future” says a statement from the NLA.
It is therefore calling for just three specific proposals:
1, The introduction a Capital Gains Tax cut or taper: “We argue this will to help facilitate the disposal of poorly performing property and diversify people’s financial investment portfolio. We have sent costings to the Treasury which show this need not be as expensive as some fear.”
2. The extension of business asset rollover relief to allow restructuring of portfolios: “We argue this will facilitate increased sales of property and greater mobility between tenures, whilst allowing landlords to reduce the gearing of their portfolios, thereby protecting against market shocks and improving stability.”
3. The reintroduction of the Landlords’ Energy Saving Allowance: “New tenancies will not be allowed to be granted for properties with Energy Performance Certificate ratings of F or G from April 2018. Following the collapse of the Green Deal we are urging the government to help mitigate the major capital costs over 300,000 landlords are facing in order to stay in business.”