Politicians should stop landlord bashing to prevent further damage to the private rented sector, says one property body boss.
Daniel Evans (main picture), chair of the Association of Independent Inventory Clerks, believes it’s time for a major re-think on tax policy – the main reason why landlords are quitting the sector – and hopes upcoming party conferences will provide a useful platform for discussion.
Landlords have been singled out and are now being hammered for tax and leaving in droves – despite rising rents.
“Their profits are all going to the tax man,” says Evans. “Every landlord is hit by other rising charges, like the cost of maintenance and repairs and the extra expense of new energy efficiency regulations, but it is the landlord tax policy which hurts them the most. No other business is taxed in this way.”
The Liberal Democrats kick off the conference season in Bournemouth on 23rd September and have timetabled a debate on the housing crisis when proposals include the introduction of a national register and minimum landlord standards.
The Conservatives gather in Manchester on 1st October, but Chancellor Jeremy Hunt has already said his Autumn Statement won’t contain tax cuts if inflation remains high.
The Labour Party meets in Liverpool in October while Shadow Chancellor Rachel Reeves (pictured) has ruled out any increase in Capital Gains Tax should they win the next election, while also rejecting a ‘mansion tax’, wealth tax or income tax rise.
“Our senior politicians have to understand that the PRS is in crisis right now and it is a special case,” adds Evans. “There is a chronic undersupply of homes all over the UK and landlords continue to sell up which will only serve to make the situation worse for tenants.”