Agents tell Ministers to reverse landlord tax changes as ‘top priority’
Call is made within report published today by Goodlord which also says more incentives to keep landlords in sector should be introduced.
Renting platform Goodlord has launched a manifesto calling on the Government to rapidly step up its support for the under-pressure lettings industry.
The manifesto, called Renting Done Right, has been created following focus groups and roundtables with more than 1,500 agents, landlords and tenants.
The ‘renttech’ platform has laid out 10 recommendations for the Government and is calling for change around three core areas including giving the industry more support and offering it more consistency and incentives.
ROBUST
In Goodlord’s research, a large number of agents and landlords would like to see more robust incentives for industry players.
More than three quarters of landlords (77%) said financial incentives should be the Government’s top priority to keep landlords in the sector.
Many landlords are also keen to see a reinstatement of tax relief under section 24. This change in tax law came into force in 2020 and means landlords cannot claim as much tax relief as before.
77% said financial incentives should be the Government’s top priority to keep landlords in the sector.
Nearly four out of 10 (37%) of letting agents told Goodlord that reinstating tax relief should be the Government’s top priority, and three in 10 (29%) landlords agreed.
However, agents and landlord opinion diverged on the other top tax incentives they felt the Government should prioritise.
STAMP DUTY
One in 10 (11%) agents called for removing the 3% Stamp Duty surcharge. However, only 6% of landlords felt the same. Meanwhile, one in 10 (11%) of landlords argued for increasing Capital Gains Tax allowance – while only 1% of agents agreed.
When agents and landlords were asked “which proposals to incentivise landlords should be the Government’s top priority?”, consistency and simplicity was the second highest answer for agents (26%) and the third highest answer for landlords (12%).
When asked how positive they felt about the private rented sector, agents came out on top; with 65% feeling positive or neutral.
Landlords were split – with half feeling positive or neutral and 50% feeling negative. Sentiments were the least positive amongst tenants, with over six out of 10 (60%) saying they felt negative about the sector.
Download the Goodlord manifesto HERE.
