Philip Hammond is coming under increasing pressure to reverse draconian tax changes applying to buy-to-let landlords.
A number of landlords have been left with no alternative but to evict tenants and sell properties en masse due to the phasing out of mortgage interest relief and scrapping of the ‘wear and tear’ allowance, while the introduction of the 3% stamp duty surcharge has deterred many landlords from adding to their existing property portfolios.
Now the newly formed National Landlords Alliance has written to the Chancellor demanding various tax changes.
The landlord’s association, which has been set-up by Larry Sweeney, a landlord based in Southport, wants to see an amendment to Section 24, an immediate council tax holiday of five years to assist first-time buyers, paid for by council efficiencies, along with a reduction or scrapping of capital gains tax for landlords who sell to tenants.
Sweeney wrote: “We also pointed out to Chancellor Hammond that the PRS is not happy with this so-called Conservative government, and Labour’s proposals for longer tenancies and rent controls are all we have left to fear.
“Perhaps not fear, as these proposals will finally wreck the market and eventually sanity must prevail.
“Let us see if Central government listen.”
Sweeney, who has considered the idea of setting up a new National Landlords association for the past 18 months, commented: “We all know how frustrated and sickened the community is with the other main associations failing to aggressively fight our corner and instead assist the councils implementing their rotten Selective licensing schemes. Enough is enough.
“We could talk forever, but it is now time for action. I have held off taking this leap in the hope that somebody else would take up the baton.”
Sweeney says that he is prepared to act as CEO without salary initially to get the organisation up and running.