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Chancellor warned against further buy-to-let tax grabs
George Osborne has been warned against mounting a further raid on buy-to-let landlords. In his July Budget, the Chancellor announced that he would be cutting back the tax relief on landlords’ mortgage interest payments. Under proposals, this relief will be …
George Osborne has been warned against mounting a further raid on buy-to-let landlords.
In his July Budget, the Chancellor announced that he would be cutting back the tax relief on landlords’ mortgage interest payments.
Under proposals, this relief will be halved to 20 per cent by the end of the decade.
The Government justified the surprise strategy by arguing that it may help those who were struggling to find a home.
The changes are expected to hit the earnings of thousands of landlords nationwide and some investors are less than pleased.
One landlord who will be affected, Graham Chilvers, fears that the changes may start to take a toll once interest rates begin to increase. In an interview with the Daily Telegraph, he questioned Mr Osborne’s rationale.
“The Government justifies its attack on buy-to-let by saying landlords have an unfair advantage over people wanting to buy their own homes,” he said.
“But no homebuyer was competing with me on any of these properties.”
Although estate agents Martin & Co has played down the impact of the changes and said that they don’t appear to have dented people’s enthusiasm for the market.
Ian Wilson, the firm’s chief executive, said: “I’ve never had a client say to me, I’m doing buy-to-let because of the tax breaks. The tax breaks are beneficial but not a driver.”
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