Posts with tag: July Budget

RLA’s Plea to George Osborne

Published On: July 8, 2015 at 11:51 am

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The Residential Landlords Association (RLA) has spoken about what it would like to see in today’s Budget.

RLA's Plea to George Osborne

RLA’s Plea to George Osborne

Alan Ward, Chairman of the RLA, says: “The private rented sector is now the only housing tenure growing, with demand set to increase further.

“As the Financial Secretary to the Treasury has alluded to, encouraging growth in the sector is good for jobs and good for all those looking for a home.”

Last month, the Financial Secretary to the Treasury, David Gauke MP, responded to a parliamentary question by saying that private rental housing “supports the economy through improved labour market flexibility.”1

As most landlords are individuals renting out just a small number of properties, the RLA believes that the Government should recognise this as a business activity through the tax system.

The RLA is hoping for an end to tax rules that mean VAT can be reclaimed when a new home is built for owner occupation, but not for renting.

The RLA is also supporting the Government’s plans for growing homeownership, by calling for rollover relief on capital gains tax (CGT) when the sale of a rental property is to a first time buyer, with controls such as a maximum limit on price.

Ward adds: “The Chancellor has a golden opportunity to go for growth, which we urge him to seize.”1

1 http://www.mortgageintroducer.com/mortgages/253025/5/Industry_in_depth/Landlords’_plea_to_Osborne_ahead_of_budget.htm

NLA will Lobby Osborne on Tax Breaks

Published On: May 21, 2015 at 4:42 pm

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NLA will Lobby Osborne on Tax Breaks

NLA will Lobby Osborne on Tax Breaks

The National Landlords Association (NLA) has revealed that it will lobby Chancellor of the Exchequer, George Osborne on private rental sector tax breaks before the new Government’s Budget on 8th July.

A statement from the NLA reads: “The NLA will be taking the opportunity to drive home the message that landlords’ status as legitimate businesses is not comprehensively reflected in the tax system.

“Specifically, we wish to see the Chancellor tackle the tax treatment of landlords’ assets at disposal, i.e. the lack of distinction between short-term speculation and the appreciation which may take place during long-term ownership of property.”1

Osborne states that the July Budget will contain “a laser-like focus” on raising productivity and living standards, and will highlight the ways that the new Government will “deliver on the commitments we have made to working people.”

He continues: “We will protect the NHS and give it more funding each and every year, while making savings across Whitehall. We’ll crack down hard on tax avoidance and aggressive tax planning by the rich, because everyone should pay their fair share.

“Second, we’ve got to go on helping businesses create jobs in Britain, so we move towards full employment. That means facing a hard truth: in Britain, we produce about a quarter less for every hour we work than countries like America or Germany. Fixing that long-running productivity weakness is the big challenge for the next five years.

“So in the Budget, we’ll spend less on welfare and instead invest to create three million more apprenticeships, so that young people can learn a trade, get better jobs and earn more.”1 

1 http://www.lettingagenttoday.co.uk/breaking-news/2015/5/industry-body-to-lobby-osborne-on-tax-breaks