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440,000 landlords face tax hike

Landlord looks at paperwork

Some 440,000 landlords who pay the basic rate of tax will be forced into a higher tax bracket from April 2017, the National Landlords Association (NLA) has warned.

The announcement comes ahead of changes to buy-to-let taxation, which will mean that by 2021 landlords will no longer be able to deduct mortgage interest payments from their turnover before declaring their taxable income.

This change is the latest in a series of policies, such as new minimum standards in BTL underwriting and a 3% rise in stamp duty land tax, which may have left some landlords feeling like a ‘political football’.

Richard Lambert, chief executive officer at the NLA, said: “When the government announced these changes last year, it claimed they would only hit a small proportion of higher-rate tax payers.

“We now know that is complete tosh.”

Under current legislation, mortgage interest payments are one of several expenses that can be deducted from landlords’ business costs.

The 440,000 affected by these changes represent some 22% of the UK’s landlords.

Landlords in central London, the East, and the West Midlands are expected to be particularly badly affected.

The NLA has already met with housing minister Gavin Barwell MP to discuss the matter, and now hopes to meet the financial secretary to the Treasury Jane Ellison to continue these talks.

“The government must look to amend these tax changes and minimise the impact on landlords and their tenants – something that could easily be achieved by applying the rules to only new loans written after April 2017,” Richard added.

“Unless this happens, landlords will face an impossible decision of whether to increase rents and cause misery for their tenants, or to sell-up and force their tenants to find a new home.”  

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