Sunday, February 25, 2024

Landlord of former Tyrers building calls for the Government to reconsider tax changes for buy-to-let landlords

The new landlord of the former Tyrers premises on Bridge Street is calling for the Government to reconsider forthcoming tax changes for buy-to-let landlords in March’s spring budget.

From April, plans to reduce mortgage interest tax relief from 45 per cent to 20 per cent will be introduced meaning landlords will still be able to deduct repairs and legitimate expenses from their taxable income, but will only be able to offset a portion of their mortgage interest costs against tax.

This follows the introduction of a three per cent surcharge on stamp duty in April 2016, for those purchasing a second home or buy-to-let property.

Paul Nicholson, managing director of Luxor Group which bought the iconic Bridge Street building last year, believes the Government should delay the changes in the light of figures which show higher than forecast stamp duty revenue.

Paul said: “The spring budget provides an opportunity to support a thriving rental market which is not only good for landlords and tenants, but benefits the wider economy alike.

“I would like to see the Government get behind the landlord population and support the individuals who supply much needed housing stock to the country. Landlords are an integral part of the solution to the housing crisis, not the problem. This means reviewing the planned changes to mortgage 0interest relief, which is likely to discourage landlords from investing in the property market.

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