Insurance News Archive
Give buy to let property insurance holders tax breaks in Budget
Posted by Jonathan Walker
Buy to let property insurance holders should be helped in tomorrow's Budget through improved capital gains and a unified council tax system, a leading organisation has claimed.
The National Landlords Association (NLA) said the government should change the tax system to favour the sector and encourage growth.
It said that buy to let property insurance holders should be able to roll over their relief from capital gains tax to encourage reinvestment, while they should be given value added tax relief on renovations and home improvements.
The NLA stated that the charging system for council tax on multi-occupancy dwellings should be unified across the country, while the current stamp duty land tax system should be reformed.
David Salusbury, chairman of the NLA, said: "Given the current housing shortage the chancellor should use the upcoming Budget to make investment in property easier and the management of a residential portfolio more cost effective."
The suggestions follow calls from the Association of Residential Letting Agents, which urged the government to help buy to let property insurance holders following the next election.
23 Mar 2010
