Spring Budget steers clear of property market13 Mar 2017
Landlords hoping for a reversal on planned changes to mortgage interest tax relief have been dealt a blow, after the Chancellor made no mention of tax changes in the Spring Budget.
But it wasn’t only mortgage interest relief the Chancellor failed to mention – none of the issues affecting the property market were addressed.
The National Landlords Association (NLA) had published a ‘Budget wish list’ ahead of the Chancellor’s speech, listing the decisions it would like to see announced in the Budget.
Given that there was no mention of stamp duty reform, mortgage interest tax relief or the letting fees ban for tenants, the NLA was naturally frustrated that the Chancellor had not addressed any of the issues affecting landlords.
Richard Lambert, Chief Executive Officer of the NLA, said: “The Chancellor has passed up his last opportunity to reverse the damaging plans to restrict mortgage interest relief for landlords before they hit, or even to act on suggestions as to how he might ease the immediate impact.”
With rental demand high, especially in London, the NLA asserts that the government should do more to support landlords, as the wave of tax changes may only lead to rent hikes.
However, in a positive move for landlords, the Chancellor announced a delay to the introduction of Making Tax Digital.
For more details on the Spring Budget, click this link:
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