Landlord Tax Breaks for Longer Tenancies
First of all, the Government may announce landlord tax breaks for longer tenancies.
The Conservative “think tank” known as Onward has shared this information.
Furthermore, the Government proposed idea, which is coming from Downing Street, derives from the following:
According to the Letting Agent Today website;
“Landlords would not have to pay capital gains tax when selling to tenants who have lived in a property for three years or more.”
As a result, the Government has proposed an incentive for Landlords offering this option and condiering other options too.
Tax Breaks May Be Considered
The UK Government must be seriously considering these tax breaks for Landlords.
Therefore, as talks continue, the Government have written a consultation document called;
The consultation document may be worth reading if you are a Landlord, as a law may apply in the future.
Reason for Landlord Tax Breaks
The Government proposed a number of options to promote the three year tenancy model.
The demand for longer tenancies from the growing number older people and families in the private rental property market.
One of the options the Government has proposed a financial incentive that could quicken the implementation process.
This could be an option rather than a mandatory 3 year tenancy agreement.
Nothing is yet conclusive, but the UK Government will continue to discuss this matter as they welcome suggestions.
Conclusion of Landlord Tax Breaks
In conclusion, the Government have considered Landlord tax breaks for those who considered longer tenancies (3 years).
Furthermore, there are financial incentive options that may also appeal to exisiting Landlords.
There is an article written back in March 2018 that discussed a Housing Crisis for first time buyers.
As a result, there could be a correlation between foreign property investors and any incentives or tax breaks considered by the UK Government.
As a Landlord, it is always important to stay informed and do your research.
We will continue to offer property related information to those interested in the property market.