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Landlords cite high capital gains tax as their biggest issue
Original Author: Marc Shoffman
Landlords have ranked the decision to maintain the old capital gains tax rate on property while cutting it elsewhere as their biggest challenge.
The rather strange findings, given this would only be a concern if selling up, were revealed in research by Amicus Property Finance.
Its survey found that 63% of landlords cited the CGT rates as their biggest challenge while 61% were concerned about the scaling back of mortgage interest relief from next year.
The mortgage interest question was posed as “changes to taxation impacting treatment of rental income”, which may explain the lower figures.
Just over half (57%) were concerned about changes to the wear and tear allowance while 53% cited the Right to Rent legislation as an issue.
Fewer than half (44%) of landlords expressed concern about the impact of a Brexit and only a third were worried about accessing long-term finance to grow their portfolios.
John Jenkins, chief executive of Amicus, said: “The tax landscape has become a lot more hostile for landlords and it’s no surprise that this dominates their list of concerns for the year ahead.
“In contrast, the prospect of interest rate rises, the threat of falling property prices and difficulties in accessing long-term finance are less likely to be keeping landlords awake at night.”
http://www.propertyindustryeye.com/landlords-cite-high-capital-gains-tax-as-their-biggest-issue/
